Sri Lanka’s inflation declines to 12% in June

Sri Lanka’s inflation decreased to 12 percent in June, according to data published on Saturday, the lowest since the country was plunged into an unprecedented economic crisis last year.

Sri Lanka’s central bank said inflation was expected to be below 10 percent by the early third quarter of 2023. The government unveiled a debt restructuring plan that includes a 30 percent cut on dollar-denominated bonds.

In April 2022, Sri Lanka defaulted on its $46 billion external debt, while citizens suffered months of food, fuel and medicine shortages.