Annual inflation in crisis-hit Sri Lanka nearly doubled to 1.7 percent in June from 0.9 percent the previous month as food prices began to rise again, official data showed on Saturday.
The Census and Statistics Department data came days after Sri Lanka agreed a $10 billion debt restructuring with bilateral creditors, a key condition for keeping its IMF rescue program afloat.
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Annual inflation in crisis-hit Sri Lanka nearly doubled to 1.7 percent in June from 0.9 percent the previous month as food prices began to rise again, official data showed on Saturday.
The Census and Statistics Department data came days after Sri Lanka agreed a $10 billion debt restructuring with bilateral creditors, a key condition for keeping its IMF rescue program afloat.
Food inflation has reignited, with prices rising 1.04 percent in the 12 months to June after remaining flat in the previous month, the ministry said.
At the peak of the economic crisis, which led Sri Lanka to default on its foreign debt in 2022, inflation soared to nearly 70%.
The Central Bank of Sri Lanka on Saturday expressed hope that overall inflation will be kept below 5.0 percent in 2024.
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The country is due to hold presidential elections this year, and the opposition has vowed to renegotiate the terms of the IMF bailout that led to painful austerity measures.
The IMF said it was open to listening to alternative proposals from opposing parties but stressed that the standards set out in the bailout package must be adhered to.
AJ/SLB/SMB
