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Sri Lanka’s inflation stood at 60.8 percent at the end of July. Inflation in the country was 54.6 percent in June.
The Statistics Department of Sri Lanka has given this information.
The statistics department of the crisis-hit country also reported that the country is facing food and fuel shortages in addition to dwindling foreign exchange reserves.
Food inflation rose to 90.9 percent in July; In June it was 80.1 percent.
- Sri Lanka’s central bank says inflation could reach 75 percent.
- Sri Lanka is in the worst economic crisis since 1948. The country currently lacks essential commodities.
- There was an acute shortage of cooking gas till the middle of this month. The situation has improved a bit now.
But people still have to stand in long queues to get fuel
Sri Lanka continues to negotiate with the International Monetary Fund (IMF) on a bailout package to address the situation.
The two sides are yet to agree on the issue of debt restructuring.
President Ranil Wickremesinghe’s office said in a statement on Friday that there has been progress in talks with the IMF.
The statement also said that political talks are underway to form an all-party government to achieve political stability after the recent unrest in the country.
There has been widespread unrest in Sri Lanka for the past few months due to the economic crisis. Sri Lanka declared bankruptcy in mid-April citing its inability to pay its debts.
Former Sri Lankan President Gotabaya Rajapaksa fled the country due to violent protests. Later he also resigned.
The Rajapakse administration is being blamed for the economic crisis.