In Sri Lanka, the Colombo specific inflation declined to 50.6 per cent for February 2023. The inflation was at 51.7 per cent in January 2023. The index for calculating inflation in Colombo has also been revised to 2021 rates.
In the month of February 2023, the index climbed 0.9 per cent with non-foods rising. The food sub-index fell 2.2 per cent, while non-foods, went up 1.8 per cent. Clothing and footwear went up 4.3 per cent and housing, water, electricity and gas went up 3.5 per cent.
Inflation in Sri Lanka started to rise steeply from around September 2021. The central bank tightened monetary policy over a major part of last year as the Lankan Rupee saw devaluation against the dollar. The exchange rate was re-pegged at 360 to 370 against the US dollar as the central bank gradually ended money printing.
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