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The Silicon Review Asia

The inflation rate in Sri Lanka jump up to 70.2% in August

The inflation rate in Sri Lanka jump up to 70.2% in August

In August, Sri Lanka's annual inflation rate surged to more than 70%, as the country struggled with its worst economic crisis in over seven decades.

Compared to last year the food price has risen by 84.6%, showed the official data. Sri Lanka is a South Asian nation of 22m people and as the country faced a shortage of foreign currencies it was plunged into political and financial chaos this year. This Asian country has been unable to afford even the key imports such as fertilizer, fuel, and medicine.

Last month, The Central Bank of Sri Lanka said it expected inflation to ease, as after peaking at about 70% the economy of the country slowed. Last week, the official figures were released and showed that the economy of the country had contracted by 8.4% in three months.

Sri Lanka was heavily reliant on tourism for foreign currencies before the pandemic. However, border closures aimed to slow the spread of Covid-19 in the country but kept tourists away and took a major toll on the economy of the country. Along with financial shortage, Sri Lanka also faced political upheaval in recent months. Sri Lankan President, Gotabaya Rajapaksa fled abroad before resigning in July.


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