Prices spiked more than six percent last month after the government hiked taxes in line with IMF conditions to maintain the bailout loan, according to Central Bank of Sri Lanka data.The 6.4 percent reading was well up from the 4.0 percent seen in December, according to the bank.However, it is still less than a tenth of the levels seen at the height of the island’s financial crisis in 2022, when inflation peaked at nearly 70 percent.”It is imperative that we obtain insights from past mistakes and avoid their repetition,” Wickremesinghe said.
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