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Sri Lanka inflation dips marginally to 61% in November from 66% in Oct

Sri Lanka's key inflation rate dipped marginally to 61 per cent in November, down from 66 per cent in October, the country's statistics office said on Wednesday

sri lanka | Inflation | economy

Press Trust of India  |  Colombo 

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

Sri Lanka's key rate dipped marginally to 61 per cent in November, down from 66 per cent in October, the country's statistics office said on Wednesday, as the crisis-hit showed signs of recovery.

The 12-month by the Colombo Consumer Price Index peaked at 69.8 per cent in September and the National Consumer Price Index peaked at 73.8 per cent.

The consumer price index in Colombo eased to 61 per cent in November, marginally down from 66 per cent reported in October, the Census and Statistics Department said.

This is the second straight month that the key rate has eased this year.

Central Bank Governor Nandalal Weerasinghe on Wednesday said the dipping inflation rate after peaking to 70 per cent was a good indicator that the was trudging along the path of recovery.

The Central Bank of has raised borrowing costs by 950 basis points this year, taking the key rate to 15.5 per cent to tame rising prices.

Colombo seeks to secure the release of a USD 2.9 billion rescue package from the IMF, which was announced in September.

For this to happen, its creditors, including China and India must restructure the debt.

The Sri Lankan government in May appointed legal and debt advisors for debt restructuring after the country declared its debt default for the first time in history.

is nearly bankrupt and has suspended repaying its USD 51 billion foreign debt, of which it must repay USD 28 billion by 2027.

Sri Lanka, a country of 22 million people, plunged into financial and political turmoil earlier this year as it faced a shortage of foreign currencies.

Due to this, the country has been unable to afford key imports, including fuel, fertilisers and medicines, leading to serpentine queues.

(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.)

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First Published: Wed, November 30 2022. 22:49 IST