World Sri Lankan economy has 'completely collapsed', leader says

[The Helper]

Sri Lanka's Prime Minister Ranil Wickremesinghe has said the country's economy has "completely collapsed", leaving it unable to pay for essentials such as oil imports.

It follows months of shortages of food, fuel, and electricity, and the realisation that even the credit lines from neighbouring India that have sustained the country so far will not be enough.

Mr Wickremesinghe told Sri Lanka's parliament: "We are now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food.

"Our economy has completely collapsed - that is the most serious issue before us today."

Sri Lankan economy has 'completely collapsed', leader says

The country of 22 million people is struggling with its worst economic crisis in seven decades.

news.sky.com

 

[The Helper]

Sri Lanka’s inflation rate exceeds 50% for the first time since 1954

Sri Lanka’s headline inflation has increased to 54.6% in June 2022 from 39.1% in May 2022.

Sri Lanka’s inflation rate as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI) has exceeded 50% for the first time since 1954.

The Central Bank of Sri Lanka (CBSL) said this increase in Y-o-Y inflation was driven by the monthly increases in both Food and Non-Food categories.

Accordingly, Food inflation (Y-o-Y) increased to 80.1% in June 2022 from 57.4% in May 2022, while Non-Food inflation (Y-o-Y) increased to 42.4% in June 2022 from 30.6% in May 2022.

Sri Lanka’s inflation rate exceeds 50% for the first time since 1954 - NewsWire

Sri Lanka’s headline inflation has increased to 54.6% in June 2022 from 39.1% in May 2022. Sri Lanka’s inflation rateContinue Reading

www.newswire.lk

 

[jonas]

Just the canary in the coal mine