Inflation in April is 119% – Sri Lanka’s inflation is the 3rd highest in the world

According to an economist, Sri Lanka’s inflation is the 3rd highest in the world. An economics Guru at the Johns Hopkins University in USA, Steve Hanke has estimated that Sri Lanka’s true inflation in April is 119%. Hanke annual inflation rates are implied using PPP from free and black market exchange rate data. According to the inflation dashboard, Zimbabwe and Lebanon ranked in top of the chart. Venezuela;s inflation is dropping and listed at 5th place. According to Central Bank stats, Sri Lanka’s inflation in March is 21.5%.

In this week's inflation table, #SriLanka is in the spotlight again. On April 21, I measured LKA's #inflation at a SKY-HIGH 119%/yr. To crush inflation & save the rupee, Sri Lanka needs to install a #CurrencyBoard, like the one it had from 1884 until 1950. pic.twitter.com/rM5LlceEmL

— Steve Hanke (@steve_hanke) April 25, 2022

Sri Lanka’s Inflation increased to 21.5% in March 2022 Year-on-Year says Department of Census & Statistics. Sri Lanka’s consumer price inflation hit a record high of double digit 21.5 percent in March month under the National Consumer Price Index (NCPI). After 2015 January month, inflation rate in Sri Lanka has reached the highest percentage.

Sri Lanka’s inflation was driven by monthly increases of prices of items in both Food and Non-food categories. Accordingly, within the Food category, prominent increases were observed in prices of Rice, Coconut Oil, Mysore dhal, Milk powder, Egg, Fresh Fish, Bread and Sugar.  (LankaXpress.com)