Sri Lanka inflation hits record high as crisis worsens

19

Sri Lanka’s inflation hit a record high for the fourth consecutive month, official data showed Tuesday as an economic crisis driven by a crippling foreign exchange shortage worsens.

The National Consumer Price Index (NCPI) rose 16.8 percent in January from a year earlier, the fourth consecutive record rise and more than double October’s figure of 8.3 percent.

The record highs came as the South Asian island struggles to find dollars to finance essential imports, including food, fuel and medicines. The energy ministry announced Monday it was struggling to buy fuel on credit and reported shortages at many pumping stations, leading to queues and forcing some to shut.—Agencies

Previous articlePakistan keen to enhance bilateral cooperation with Sri Lanka: Alvi
Next articleTokyo stocks down on Ukraine crisis, oil prices rise