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Inflation in Sri Lanka will hit 70%, says central banker

2022-07-22 08:59:11       source:CNBC

July 21, 2022

Inflation in Sri Lanka will peak at about 70% over the next two months before it starts to moderate in September this year, according to its central bank governor Nandalal Weerasinghe.

The National Consumer Price Index rose 45.3% year-on-year in May — a sharp spike compared to 33.8% in April, according to government data. Food inflation also surged, jumping 58% year-on-year in May compared to 45.1% in April, the data showed.

Maintaining that his calculations had factored an "adjustment" to higher energy prices, the governor of the Central Bank of Sri Lanka told CNBC's "Street Signs Asia" Thursday that the country is eligible for an "extended fund facility" from the International Monetary Fund of $3 billion over three years. 

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