Sri Lanka's Inflation Rate Declines to 6.3% Amid Ongoing Economic Crisis

According to data released by the Department of Census and Statistics, the inflation rate in Sri Lanka continued to decrease in July, reaching 6.3%. 

This is the lowest rate recorded in the country in about two years as it grapples with a deep economic crisis.
 
The inflation rate peaked at 69.8% in September last year before sharply declining. Last month, it was recorded at 12%.
 
The island nation, with a population of 22 million, has been struggling to repay its external debt of $46 billion (43 billion euros) since April 2022, during an unprecedented economic crisis that has caused food, fuel, and medicines shortages for months.
 
President Ranil Wickremesinghe took office in the country a year ago after his predecessor fled amid violent protests.
 
Since then, Sri Lanka has been trying to improve its situation with the assistance of the International Monetary Fund, although it is expected to remain insolvent until 2026.
 
In early June, the Deputy Director-General of the International Monetary Fund stated that the country's economy has shown "modest signs of improvement," but Colombo must continue implementing painful reforms.