Inflation continues to rise in Sri Lanka, which is facing a serious economic crisis. Inflation in the month of April has increased to 33.8 percent as compared to a year ago. The Census and Statistics Department of Sri Lanka said on Tuesday that inflation based on the Consumer Price Index stood at 33.8 percent in April 2022, which is more than six times as compared to 5.5 percent a year ago. Along with this, food inflation also reached a worrying level of 45.1 percent in April. This sharp increase in inflation has been recorded in view of the acute shortage of essential goods in the country.
Meanwhile, the government has announced a massive increase of 24.3 percent in the retail price of petrol and 38.4 percent in the price of diesel. This strict step has been taken to reduce the consumption of petrol and diesel in Sri Lanka, which is facing severe shortage of fuel products. After April 19, the Sri Lankan government has increased the prices of petrol and diesel for the second time. After this increase, the price of petrol in Sri Lanka has reached Rs 420 and the price of diesel has reached Rs 400 per liter, which is the highest level ever.
State-run petroleum company Ceylon Petroleum Corporation increased the price of petrol by Rs 82 per liter and diesel by Rs 111 per liter. Energy and Power Minister Kanchana Vijayasekhar said on Twitter that the new prices have been fixed based on the fuel pricing formula approved by the cabinet.
Due to the severe foreign exchange crisis, the Sri Lankan government is failing to buy even fuel and food products. Meanwhile, India has supplied petrol and diesel in installments by giving a line of credit of $ 500 million to Sri Lanka for fuel purchase. In this difficult period, the G-7 group of seven developed countries has announced to help Sri Lanka in getting debt relief.
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(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)