Sri Lanka: 70% rise in inflation rate in one month

Sri Lanka: 70% rise in inflation rate in one month

Colombo: The inflation rate in Sri Lanka has reached the highest level in the history of the country with an increase of 70%.

According to international media, according to the data released by the Consumer Price Index, the inflation rate in Sri Lanka during August was 70.2 percent.

According to the index, during August, prices of food items increased by 84.6% while prices of non-food items increased by 57.1%.

Experts say that the country’s economy is facing economic instability due to wrong policies, the country’s economy is going through the worst situation due to non-availability of dollar.

The post-coronavirus economic slowdown has affected Sri Lanka’s imports of basic food items, including petroleum products, pharmaceuticals and manufacturing.

Experts have expressed hope that the Sri Lankan economy will be supported if the loan is approved by the International Monetary Fund, which is expected to reduce the spiraling inflation over the next few months.

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