Sri Lanka set a record by reducing commodity prices
October 2, 20241 Min Read

International Desk: Sri Lanka, plagued by economic crisis, has created an unprecedented record. In the last month of September, the overall inflation rate in the country was only 0.5 percent; As a result, the prices of all kinds of goods in Sri Lanka started to decline from that month and the trend is still continuing.

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A government report published on Monday (September 30) showed that the inflation index fell to negative zero.5 percent in September. French news agency AFP reported.

A report by the Department of Census and Statistics showed that food and non-food expenditure decreased in September due to price contraction. Two years ago Sri Lanka's inflation skyrocketed to 69.8 percent.

The last time such a negative rate of inflation was seen was in 1995. The inflation rate in Sri Lanka dropped to 0.9 percent that year. Before that, in 1985, this rate fell to 2.1 percent. As such, the current rate of inflation is definitely the first time in Sri Lanka's 76-year history since the British colonial rule in 1948.