Sri Lanka inflation dips to lowest level since crisis

COLOMBO, March 29 (AFP) : Sri Lanka's statistics office said Friday that inflation had slowed to 0.9 percent in March, the lowest year-on-year price increase since an unprecedented economic crisis.
The island nation defaulted on its $46 billion foreign debt in April 2022 after a foreign exchange wipeout left it unable to import food, fuel and other essentials.
This month's inflation reading, from the benchmark Colombo Consumer Price Index, is a huge drop from the peak of nearly 70 percent in September of that year.
The central bank this week cut its benchmark lending rate from 10 percent to 9.5 percent -- the first reduction in four months -- in a measure it said would boost "the ongoing revival of economic activity".