(Adds details, IMF deal; paragraphs 2-5)
March 21 (Reuters) - Sri Lanka's National Consumer Price
Index (NCPI) rose 53.6% in February on the year,
after a rise of 53.2% in January, the statistics department of
the debt-stricken country said on Tuesday.
Food prices eased to 49% in February from 53.6% in January,
while non-food inflation was at 57.4%, the Department of Census
and Statistics said in a statement.
The data comes after the International Monetary Fund
approved a nearly $3 billion bailout for Sri Lanka, grappling
with its worst financial crisis in seven decades because of
economic mismanagement and the impact of the COVID-19 pandemic.
While the IMF backing is expected to spur additional
external support of $3.75 billion, it will not immediately help
the millions being squeezed by soaring costs of living, high
income taxes of up to 36% and a 66% increase in power tariffs.
The IMF had not set any growth target but set an inflation
band of 12% to 18% to be achieved by end of 2023, said Peter
Breuer, its senior mission chief for Sri Lanka.
The NCPI captures broader retail price inflation across the
island nation and is released with a lag of 21 days every month.
The Colombo Consumer Price Index (CCPI) ,
released at the end of each month, eased to 50.6% in February,
data showed.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Louise
Heavens and Clarence Fernandez)
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.