AFP
30 September, 2024, 07:50 pm
Closing modified: 30 September, 2024, 07:57 pm
Cash-strapped Sri Lanka’s economy recorded falling person prices for the first time in 29 years, legit info showed Monday, with the September inflation determine dipping to harmful 0.5 p.c.
Census and Statistics Department info showed imprint drops in each food and non-food goods contributing to deflation in September, when in comparison with inflation of 0.5 p.c in August.
Sri Lanka closing recorded deflation in March 1995 with a determine of harmful 0.9 p.c. The previous imprint fall to that used to be in 1985, when inflation used to be harmful 2.1 p.c.
Inflation peaked at 69.8 p.c two years within the past on the height of an unparalleled financial crisis within the island nation.
Acute shortages of food, gas and medicines led to months of protests that finally forced then-president Gotabaya Rajapaksa to temporarily bound the nation and resign in July 2022.
His successor Ranil Wickremesinghe secured a $2.9 billion World Monetary Fund bailout and raised taxes and costs to stabilise the economy.
Wickremesinghe lost region of job after a presidential election this month.
The winner of that contest, President Anura Kumara Dissanayake, has vowed to withhold the IMF programme but relax among the most austerity measures it imposed.
