Sri Lanka inflation dips to lowest level since crisis

COLOMBO, Mar 29: Sri Lankas statistics office said Friday that inflation had slowed to 0.9 percent in March, the lowest year-on-year price increase since an unprecedented economic crisis.

The island nation defaulted on its $46 billion foreign debt in April 2022 after a foreign exchange wipeout left it unable to import food, fuel and other essentials.

This months inflation reading, from the benchmark Colombo Consumer Price Index, is a huge drop from the peak of nearly 70 percent in September of that year.
The central bank this week cut its benchmark lending rate from 10 percent to 9.5 percent -- the first reduction in four months -- in a measure it said would boost "the ongoing revival of economic    activity".    —AFP