Sri Lanka: slight drop in inflation

Sri Lanka’s inflation decreased from 69.8 percent in September to 66 percent in October, the Government said, “the first such decline in a year after shortages of food and fuel eased in the crisis-hit island nation.”

Sri Lanka has been struggling with inflation for nearly a year, mainly triggered by its worst economic crisis since gaining independence in 1948.

“We can not be happy about this slight drop in inflation. because we don’t feel it. Still, the prices are very high in everything. We have never come across this crisis in our life up to today. It is so pathetic to experience such a sad situation. we are afraid about this crisis which will be faced by our children.”  said some elderly mothers to Mojo news.

“The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year basis is 66 percent in October 2022 and year-on-year inflation calculated for the month of September was 69.8 percent,” the Government statistics office said in a release.”

Hyperinflation with shortages of essentials and fuel led to street riots which triggered political changes at the top, including the resignation of president Gotabaya Rajapaksa in early July.