Inflation in Sri Lanka reaches record 60.8% in July

Sri Lanka’s headline inflation surged to a record in July as food and fuel remained scarce amid depleted foreign exchange reserves, Report informs referring to Bloomberg.

Official data on July 29 showed consumer prices in the capital Colombo rose 60.8% from a year ago.

Transport costs rose 143.6%, while food prices increased 90.9%, the data showed.

Prices are still soaring even as economic activity has almost ground to a halt amid nationwide rationing of fuel and power outages against the backdrop of political turbulence.

The country’s central bank has raised borrowing costs by 950 basis points this year and earlier this month warned inflation may hit 70%.