Sri Lanka registers a fall in its inflation rate to single digit in July

Sri Lanka. Image credit Unsplash


IBNS: Sri Lanka, the nation which fought a tough economic crisis in recent times, registered a fall in inflation rate as it reached the single-digit mark in July.

The inflation measured by the Colombo  Consumer Price Index dropped to 6.3 percent in the twelve months through July from 12 percent through June, continuing the descent in prices which began in October last year, after peaking at near 70.0 percent in September, reports Daily Mirror.

The turnaround in the official inflation rate back to single-digit levels took 20 months since December 2021 when the Colombo inflation spiked to 12.1 percent.

The food inflation measured annually decelerated to -1.4 percent in July from 4.1 percent in June, while monthly prices remained unchanged, the newspaper reported.

Annual non-food prices cooled down to 10.5 percent from 16.2 percent in June while the monthly prices contracted 1.7 percent, as the lower electricity tariff and LP gas prices more than offset the upward revision in petrol prices in July.