Inflation in Sri Lanka rises by more than 60% in Jul

The country's central bank has said inflation may peak at 75 per cent.

The monthly change in Colombo consumer price index (CCPI) was 4.51 per cent in July due to price increases observed in both non-food and food categories which were 2.31 per cent and 2.20 per cent, respectively.

Sri Lankans have faced a shortage of essentials amid the ongoing economic meltdown, the worst since 1948. The country has been negotiating a bailout package with the International Monetary Fund (IMF).

President Ranil Wickremesinghe's office in a statement last week said the negotiations with the IMF have been progressing.

ALCHEMPro News Desk (DS)