Record Sri Lanka inflation as food crisis looms
Gulf Times
The island's tourism-dependent economy was hammered by the pandemic and the government imposed a broad import ban to shore up foreign exchange reserves, triggering shortages of essential goods.
Sri Lanka's inflation hit a record 11.1 percent in November, official figures showed Wednesday, as authorities warned a worsening economic crisis could prompt further food rationing.
The island's tourism-dependent economy was hammered by the pandemic and the government imposed a broad import ban to shore up foreign exchange reserves, triggering shortages of essential goods.
Supermarkets have for months been rationing milk powder, sugar, lentils and other essentials as commercial banks ran out of dollars to pay for imports.
On Wednesday official data showed prices soaring at their fastest rate since the National Consumer Price Index (NCPI) was launched in 2015, with food prices up 17 percent from a year ago.
