Sri Lanka’s inflation rises to 64.3%

COLOMBO: Sri Lanka’s inflation hit an 11th consecutive monthly record in August, official data showed, rising to 64.3 percent, AFP reported.

The benchmark year-on-year Colombo Consumer Price Index (CCPI) in August was more than eight times higher than the 7.6 percent recorded in October 2021. Since then it has set a new record high every month.

According to the department of census and statistics, food inflation in August was even higher, hitting 93.7 percent.

Inflation in August was impacted by a more than threefold increase in electricity tariffs and kerosene oil prices that hit in the middle of the month.

The Sri Lankan rupee has lost more than 45 percent of its value against the US dollar this year.