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THURSDAY, JUNE 12, 2025
Sri Lanka records highest deflation in 65 years

Global Economy

AFP
31 January, 2025, 07:15 pm
Last modified: 31 January, 2025, 07:19 pm

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Sri Lanka records highest deflation in 65 years

January was the fifth consecutive month of deflation

AFP
31 January, 2025, 07:15 pm
Last modified: 31 January, 2025, 07:19 pm
People shop at the grocery store at Slave Island, in Colombo, Sri Lanka, April 18, 2022. REUTERS/Navesh Chitrakar/File Photo
People shop at the grocery store at Slave Island, in Colombo, Sri Lanka, April 18, 2022. REUTERS/Navesh Chitrakar/File Photo

Sri Lanka's consumer prices fell by 4% in January, the highest deflation rate since July 1960, official data showed Friday, as the South Asian nation emerges from its worst economic meltdown.

January was the fifth consecutive month of deflation, according to the Colombo Consumer Price Index.

Inflation hit a record 69.8% in September 2022 at the height of the country's economic crisis, which saw months of widespread consumer goods shortages.

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Officials said sharp reductions in electricity and fuel costs contributed to the sharp fall in prices in January, but the central bank forecasts annual inflation in 2025 to be around 5%.

Sri Lanka secured a $2.9 billion bailout loan from the International Monetary Fund (IMF) after the 2022 crash.

President Anura Kumara Dissanayake, elected last year, has vowed to maintain the IMF bailout programme negotiated by his predecessor that includes higher taxes and cuts to state spending.

Top News / World+Biz / South Asia

Sri Lanka / deflation / inflation

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