Sri Lanka's inflation rate jumped to 2.4% in July, driven by rising transport, food, and education costs, as the country prepares for presidential elections in September.
Photograph: Dinuka Liyanawatte/Reuters
Colombo, Jul 31 (PTI) Sri Lanka's annual inflation rate in July has risen to 2.4 per cent from 1.7 per cent in June, the government statistics office announced on Wednesday as the cash-strapped country gears up for presidential elections in September.
The high inflation in July was due to a rise in transport, food and education costs, the statistics office said.
The island nation is set to hold the key presidential elections on September 21, which are expected to be dominated by the country's ongoing economic woes considering the tough reforms which became mandatory with the ongoing International Monetary Fund (IMF) programme.
During the early days of the unprecedented economic crisis in mid-2022, the inflation went as high as 70 per cent.
With the economic recovery efforts underway, the Central Bank expects the 2024 overall inflation to remain at 5 per cent this year.
The Opposition remains critical of the IMF-related recovery programme, which has resulted in the high cost of utilities and taxes.
The Opposition has vowed to revisit them to grant relief to the public. Those measures are expected to be outlined in campaigning that would begin after the nominations close on August 15.
On Wednesday, Sajith Premadasa, Sri Lanka's Leader of the Opposition, indicated that he is likely to contest the September 21 presidential election.
The nomination of 57-year-old Premadasa of Samagi Jana Balawegaya (SJB), the main opposition party in the current Parliament, was deposited at the Election Commission Office.
President Ranil Wickremesinghe, 75, has already declared to fight as an independent.
The other candidates who have filed nomination are Sarath Keerthirathne, who will be fighting the polls as an independent too; Oshala Herath of 'Abhinawa Niwahal Peramuna' and ASP Liyanage of Sri Lanka Workers Party, the Daily Mirror newspaper said.
Another likely candidate is Sri Lanka's Justice Minister Wijeyedasa Rajapakshe, who on Monday declared that he has resigned from his position to contest the presidential election.
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