{"id":1650331,"date":"2022-09-21T06:51:31","date_gmt":"2022-09-21T10:51:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1650331"},"modified":"2022-09-21T06:52:08","modified_gmt":"2022-09-21T10:52:08","slug":"sri-lanka-inflation-rate-surges-to-70-2-in-august","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sri-lanka-inflation-rate-surges-to-70-2-in-august\/","title":{"rendered":"Sri Lanka inflation rate surges to 70.2% in August"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsri-lanka-inflation-rate-surges-to-70-2-in-august%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1650331&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Uditha Jayasinghe<\/p>\n<p>(Reuters) \u2013     Consumer inflation in Sri Lanka accelerated to 70.2% in August, the statistics department said on Wednesday, as the island nation reels under its worst economic crisis in decades.<\/p>\n<p>The National Consumer Price Index (NCPI) rose 70.2% last month from a year earlier, after a 66.7% increase in July, the Department of Census and Statistics said in a statement.<\/p>\n<p>Food prices climbed 84.6%, while prices of non-food items rose 57.1%.<\/p>\n<p>The Central Bank of Sri Lanka (CBSL) said in August that the  inflation rate would moderate after peaking at about 70% as the country\u2019s economy slowed.<\/p>\n<p>The NCPI captures broader retail price inflation and is released with a lag of 21 days every month.<\/p>\n<p>The more closely monitored Colombo Consumer Price Index (CCPI), released at the end of each month, rose 64.3% in August. It acts as a leading indicator for national prices and shows how inflation is evolving in Sri Lanka\u2019s biggest city. <\/p>\n<p>Sri Lanka\u2019s economy shrank 8.4% in the quarter through June from a year ago in one of the steepest declines seen in a three-month period, amid fertiliser and fuel shortages. <\/p>\n<p>\u201cInflation is expected to taper from September,\u201d said Dimantha Mathew, head of research for Colombo-based investment firm First Capital.<\/p>\n<p>\u201cHowever, inflation is only likely to moderate and reach single digits in the second half of 2023.\u201d <\/p>\n<p>An acute dollar shortage, caused by economic mismanagement and the impact of the COVID-19 pandemic, has left Sri Lanka struggling to pay for essential imports including food, fuel, fertiliser and medicine.<\/p>\n<p>The country earlier this month reached a preliminary deal with the International Monetary Fund for a loan of about $2.9 billion, contingent on it receiving financing assurances from official creditors and negotiations with private creditors.<\/p>\n<p> (Reporting by Chris Thomas in Bengaluru, Editing by Louise Heavens and Kim Coghill)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/sri-lanka-inflation-rate\/sri-lankan-rupees-are-seen-in-a-bowl-at-a\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8K0E0-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8K0E0-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Uditha Jayasinghe (Reuters) \u2013 Consumer inflation in Sri Lanka accelerated to 70.2% in August, the statistics department said on Wednesday, as the island nation reels under its worst economic<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1650331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1650331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1650331"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1650331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1650331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1650331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1650331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}