Colombo:
Cash-strapped Sri Lanka’s economy write downed droping user prices for the first time in 29 years, official data showed Monday, with the September inflation figure dipping to pessimistic 0.5 per cent.
Census and Statistics Department data showed price drops in both food and non-food excellents contributing to deflation in September, contrastd to inflation of 0.5 per cent in August.
Sri Lanka last write downed deflation in March 1995 with a figure of pessimistic 0.9 per cent. The previous price drop to that was in 1985 when inflation was pessimistic 2.1 per cent.
Inflation peaked at 69.8 per cent two years ago at the height of an unpretreatnted economic crisis in the island nation.
Acute lowages of food, fuel and medicines led to months of protests that eventupartner forced then-pdwellnt Gotabaya Rajapaksa to temporarily run away the country and resign in July 2022.
His successor Ranil Wickremesinghe safed a $2.9 billion International Monetary Fund bailout and elevated taxes and prices to stabilise the economy.
Wickremesinghe lost office after a pdwellntial election this month.
The triumphner of that contest, Pdwellnt Anura Kumara Dissanayake, has vowed to protect the IMF programme but unwind some of the austerity meastateives it imposed.
(Except for the headline, this story has not been edited by NDTV staff and is unveiled from a syndicated feed.)
