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Sri Lanka Inflation Rate: Ups and downs are being seen in the economic and political situation of India’s neighboring countries. India’s neighboring country Pakistan is trapped in the environment of poverty and people there have to struggle to meet the needs of everyday life. Apart from this, another neighboring country of India, Sri Lanka is also struggling in the era of severe inflation.
Slight drop in inflation in Sri Lanka
Amid the economic crisis in Sri Lanka, the inflation rate in March came down to 50.3 percent from 50.6 percent in the previous month. This information has been obtained from official statistics. Year-on-year inflation in the food group fell from 54.4 percent in February to 47.6 percent in March, and the inflation rate in the non-food group rose to 51.7 percent from 48.8 percent in February, Xinhua news agency reported.
Inflation decreased in the last few months
In the last few months, there has been a decrease in the inflation rate in the country. The inflation rate fell from 57.2 percent in December 2022 to 54.2 percent in January. The country’s central bank said that by the end of the year the inflation rate will come down to single digit.
Sri Lanka got bailout package from IMF
As Sri Lanka is still going through its worst economic crisis since independence in 1948, the island nation last month received a $2.9 billion bailout from the International Monetary Fund (IMF), which will help the island nation with billions of dollars in debt. came as a lifeline for Sri Lanka has been battered by the Covid-19 pandemic, rising energy prices, populist tax cuts and over 50 per cent inflation.
Sri Lanka defaults on debt repayment
Shortages of medicines, fuel and other essentials also pushed the cost of living to a record high, triggering violent nationwide protests that overthrew the Gotabaya Rajapaksa government in 2022. This led to the country defaulting on its loans with international lenders last May for the first time in its history.
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