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Food shortages add to Sri Lanka’s devastating economic crisis

Sri Lanka’s prime minister has warned of a food shortage as the island nation battles a devastating economic crisis. He promised that the government will buy enough fertilizer for the next planting season. A decision in April last year by president Gotabaya Rajapaksa to ban all chemical fertilisers drastically cut crop yields and although the government has reversed the ban, no substantial imports have yet taken place.

Inflation could rise to a staggering 40% in the next couple of months but it was being driven largely by supply-side pressures and measures by the bank and government were already reining in demand-side inflation. Inflation hit 29.8% in April with food prices up 46.6% year-on-year.


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