Sri Lanka records slight drop in inflation
Sri Lanka’s inflation decreased from 69.8 per cent in September to 66 per cent in October, the Government said, the first such decline in a year after shortages of food and fuel eased in the crisis-hit island nation.
Sri Lanka has been struggling with inflation for nearly a year, mainly triggered by its worst economic crisis since gaining independence in 1948.
“The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year basis is 66 per cent in October 2022 and year-on-year inflation calculated for the month of September was 69.8 per cent,” the Government statistics office said in a release.
There was a 0.9 index point decrease in the CCPI for all items in October, it added.
Hyperinflation with shortages of essentials and fuel led to street riots which triggered political changes at the top, including the resignation of president Gotabaya Rajapaksa in early July. (PTI)