Colombo:
Money-strapped Sri Lanka’s economic system recorded falling client costs for the primary time in 29 years, official knowledge confirmed Monday, with the September inflation determine dipping to damaging 0.5 per cent.
Census and Statistics Division knowledge confirmed worth drops in each meals and non-food items contributing to deflation in September, in comparison with inflation of 0.5 per cent in August.
Sri Lanka final recorded deflation in March 1995 with a determine of damaging 0.9 per cent. The earlier worth fall to that was in 1985 when inflation was damaging 2.1 per cent.
Inflation peaked at 69.8 per cent two years in the past on the peak of an unprecedented financial disaster within the island nation.
Acute shortages of meals, gas and medicines led to months of protests that ultimately compelled then-president Gotabaya Rajapaksa to quickly flee the nation and resign in July 2022.
His successor Ranil Wickremesinghe secured a $2.9 billion Worldwide Financial Fund bailout and raised taxes and costs to stabilise the economic system.
Wickremesinghe misplaced workplace after a presidential election this month.
The winner of that contest, President Anura Kumara Dissanayake, has vowed to take care of the IMF programme however chill out a few of the austerity measures it imposed.
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