Inflation in Sri Lanka is at its peak, with citizens queueing up for even the essentials. Wheat and rice are being sold for Rs 220 per kg and Rs 190 per kg in Colombo, respectively, while coconut oil is being sold for Rs 850 per litre. A single egg is priced at Rs 30, and a 1-kg pack of milk powder costs Rs 1,900, as per India Today.
Sri Lanka's sovereign dollar bonds tumbled more than 5 cents in the dollar in early trading before recouping some of the losses, with many issues trading at deeply distressed levels of around 45 cents and not far off record lows hit in early March, Tradeweb data showed. (Source: Reuters)
Owing to the economic crisis in the country, public anger has been mounting against the government, with protests erupting in several parts of Sri Lanka, including the capital Colombo. Agitators are blaming the Rajapaksa regime for scarcity of essential goods and long power outages. (Photo: Reuters)
The island nation's retail inflation already touched 17.5 per cent in February and food inflation has soared to over 25 per cent, leading to highly inflated cereal and food prices. There is also an acute shortage of medicines and milk powder. (Photo: Reuters)
Sri Lanka is facing power cuts of up to 13 hours per day amid fuel scarcity. The island nation, with huge debt obligations and low foreign reserves, is struggling to pay for imports. (Photo: Reuters)