You are here: Home » International » News » Economy
Canada starts clearing visa backlog, to process applications by 2022-end
Business Standard

Amid economic crisis, Sri Lanka's inflation rate jumps to 70.2%

Amid the worst-ever economic crisis since the country gained independence in 1948, Sri Lanka's inflation rate jumped to 70.2 per cent in August, official data revealed on Thursday.

Topics
sri lanka | Inflation

IANS  |  Colombo 



Sril Lanka (Photo : Wikipedia)
Sril Lanka (Photo : Wikipedia)

Amid the worst-ever economic crisis since the country gained independence in 1948, Sri Lanka's rate jumped to 70.2 per cent in August, official data revealed on Thursday.

Due to the inflation, food prices spiked by 84.6 per cent compared to the corresponding period in 2021, reports the BBC.

In August, the Central Bank of said that it had expected to ease, as the country's slowed, after peaking at about 70 per cent.

Official figures released earlier this month had revealed that the crisis-hit island nation's had contracted by 8.4 per cent in the three months to the end of August.

The development comes as the country of some 22 million people is continuing to face an unprecedented economic crisis.

The crisis has led to shortage of basic essentials like food, medicine and fuel.

Earlier this month, reached a preliminary deal with the Monetary Fund for a $2.9 billion loan. However, the agreement hinges on the country also receiving funds from private creditors.

The Sri Lankan government officials are due to meet creditors on Friday, to discuss the extent of the country's economic problems and a proposal to restructure its debts.

--IANS

ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 22 2022. 13:49 IST

RECOMMENDED FOR YOU

.