Cash-strapped Sri Lanka records first deflation in 29 years

Cash-strapped Sri Lanka records first deflation in 29 years

Cash-strapped Sri Lanka economy recorded falling consumer prices for the first time in 29 years, official data showed Monday, with the September inflation figure dipping to negative 0.5 percent.
Census and Statistics Department data showed price drops in both food and non-food goods contributing to deflation in September, compared to inflation of 0.5 percent in August.
Sri Lanka last recorded deflation in March 1995 with a figure of negative 0.9 percent. The previous price fall to that was in 1985, when inflation was negative 2.1 percent.