News

Inflation in Lanka hits record 73.7 percent

Published

3 years ago

2022/10/24

(Al Jazeera) Sri Lanka’s National Consumer Price Index (NCPI) rose to a new high of 73.7 percent in September from a year earlier, quickening from 70.2 percent in August, the statistics department said.Annual food price inflation picked up to 85.8 percent from 84.6 percent in August, while prices of non-food items rose 62.8 percent. Sri Lanka’s Central Bank Governor Nandalal Weerasinghe predicted earlier on Thursday that inflation in the island nation is peaking, with price rises likely to ease this month.

The NCPI captures broader retail price inflation and is released with a lag of 21 days every month. The more closely monitored Colombo Consumer Price Index (CCPI), released at the end of each month, rose 69.8 percent in August. It acts as a leading indicator for national prices and shows how inflation is evolving in Sri Lanka’s biggest city.But the higher-than-expected inflation numbers are unlikely to push the central bank to increase rates next month, analysts told Reuters.

“Tariff increases for power and water implemented in August has spilled over into September along with a tax hike for telecommunications,” said Dimantha Mathew, head of research for Colombo-based investment firm First Capital, giving reasons for the inflation spike.

“However, the central bank is unlikely to increase rates as the economy is cooling down and we expect to see the pace of inflation slowing down from October.”

Sri Lanka is planning to increase direct taxes to reduce the deficit in its upcoming budget for 2023 and put the economy on a more stable footing, President Ranil Wickremesinghe said.An acute dollar shortage, caused by economic mismanagement and the impact of the COVID-19 pandemic, has left Sri Lanka struggling to pay for essential imports, including food, fuel, fertiliser and medicine.

In September, the country reached a preliminary deal with the International Monetary Fund for a loan of about $2.9bn, contingent on it receiving financing assurances from official creditors and negotiations with private creditors.

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DS driver remanded for selling donated water

Published

2 mins ago

2025/12/8

Thilina Walpola

A driver attached to the Kandy Four Gravets and Gangawata Korale Divisional Secretariat has been arrested for allegedly selling donated drinking water that was intended for distribution to residents displaced by the recent disaster in the Kandy District.

The suspect, identified as H.P.G.K. Lal Hapukumbura, was produced before the Kandy Chief Magistrate, who ordered that he be remanded until 09 December.

He was brought before court by Police Sergeant Jayathilaka, under the supervision of Chief Inspector Rasika Sampath Pathirana, HQI of the Kandy Police, and on the instructions of Chief Inspector Rohana Karunarathna, OIC of the Minor Complaints Division.

By Shantha Kelum Samaranayake

News

Switzerland sends WASH relief support to Lanka

Published

2 mins ago

2025/12/8

Thilina Walpola

Switzerland has delivered a consignment of essential WASH (Water, Sanitation and Hygiene) relief equipment and personnel to support Sri Lanka’s disaster response efforts following recent extreme weather conditions, President’s Media Division (PMD) said in a release,

The cargo, which arrived at the Bandaranaike International Airport on Saturday (06), was officially handed over by a visiting Swiss WASH Mission delegation led by Mr Martin Bölsterli, Team Leader of the WASH Mission, and Ms Yvonne Josy Müller, Senior Coordinator of the Mission.

The consignment includes water purifiers, designed to ensure safe drinking water in disaster-affected communities, along with the deployment of WASH technical personnel to support implementation on the ground.

Officials said the Swiss assistance will help strengthen access to clean water in areas where supply systems have been damaged and will support humanitarian agencies working to restore essential services.

The arrival of the Swiss WASH Mission forms part of continued international support being extended to Sri Lanka as the country works to stabilise conditions in communities affected by the disaster.

News

COPF clears Strategic Development Bill and six Gazettes

Published

2 mins ago

2025/12/8

Thilina Walpola

NDF MP Ravi Karunanayake speaking at the COPF meeting

The Committee on Public Finance (COPF) has approved the Strategic Development Project (Amendment) Bill along with six Gazette Extraordinary notifications, following a meeting held in Parliament last week, chaired by SJB MP Dr. Harsha de Silva.

After extensive deliberations, the Committee gave the green light to the Strategic Development Project (Amendment) Bill, marking a key step in advancing ongoing development initiatives.

In addition, approval was granted for regulations issued under the Imports and Exports (Control) Act, No. 1 of 1969 (Extraordinary Gazette No. 2459/46) and the Value Added Tax Act, No. 14 of 2002 (Extraordinary Gazette No. 2461/43).

The Committee also approved Resolutions under the Revenue Protection Act, No. 19 of 1962, published in Gazette Extraordinary No. 2457/06 and No. 2461/40, as well as an Order under Section 3 of the Ports and Airports Development Levy Act, No. 18 of 2011 (Extraordinary Gazette No. 2461/44). Approval was additionally granted for an Order under Sections 2 and 3 of the Special Commodity Tax Act, No. 48 of 2007 (Extraordinary Gazette No. 2457/05).

The meeting saw participation from Deputy Ministers Chathuranga Abeysinghe, Nishantha Jayaweera, and MP Ravi Karunanayake, among others, as the Committee advanced its review of key financial and regulatory measures.