Inflation eases sharply in bankrupt Sri Lanka
Sunday, 2 July 2023
COLOMBO, July 01 (AFP): Sri Lanka's inflation eased to 12 per cent in June, official data showed Saturday, the lowest figures since the island nation careened into an unprecedented economic crisis last year.
Sri Lanka defaulted on its $46 billion foreign debt in April 2022 and the public endured months of food, fuel and medicine shortages.
The crisis has eased since, with the government securing a $2.9 billion bailout from the International Monetary Fund in March.
June inflation was the lowest since the 9.9 per cent figure recorded in Novem-ber 2021.
It is down from 25.2 per cent in May and a peak of 69.8 per cent in September.
"Inflation is expected to reach single-digit levels by early third quarter 2023," the Central Bank of Sri Lanka said.