Sri Lanka's consumer prices fell by 2.1 percent in November, the highest deflation rate recorded by the economically fragile island nation since 1961, official data showed Saturday( 01 December 2024)

• An unprecedented financial crash in 2022 brought months of consumer goods shortages, with inflation peaking at nearly 70 percent that year.
• Since then, a $2.9 billion bailout loan from the International Monetary Fund, tax hikes and other austerity measures have slowly made headway in repairing the island's economy.
• The bank said inflation was likely to return to its target level of five percent in the coming months.
• Sri Lanka had already seen deflation of 0.8 percent in October and 0.5 percent in September.