Categories: Headlines

LNP – Cost of living in Sri Lanka has doubled since 2021 – CBSL

The Central Bank of Sri Lanka (CBSL) states that the cost of living for individuals in the country has doubled compared to 2021.

However, the increase in the cost of living in 2024 compared to 2023 has been minimal, according to the Assistant Governor of the Central Bank, Dr. Chandranath Amarasekara.
Â
Speaking at a press conference held at the Central Bank of Sri Lanka, Dr. Amarasekara noted that although the public is currently benefiting from a decline in inflation, the overall cost of living remains significantly higher than it was in 2021.

“Even when we consider personal income, it is evident that we are in a challenging situation due to elevated price levels and the increased cost of living. For instance, if we compare the years 2021 and 2024, the cost of living has effectively doubled,” he said.

“The public is certainly experiencing some relief due to the reduction in inflation. However, when we compare current conditions with those of 2021, it’s clear that the cost of living is still at a level that is strongly felt by the people. To counter this, we require the kind of economic growth that can boost incomes—whether for public sector employees, private sector workers, or business owners.”

Dr. Amarasekara expressed optimism that such economic growth will be realized in the future, leading to a gradual restoration of real incomes lost in recent years.

“Occasionally, we observed salary increments, especially within the public sector. However, these adjustments are often not linked to productivity. As economists, we believe that salary increments should be aligned with productivity improvements to ensure sustainable economic development,” he adde

AddThis Website Tools
Tyronne Jayamanne

Recent Posts

LNP – Sugar importers warn against tax hike

The sugar importers have urged President and Finance Minister Anura Kumara Dissanayake not to increase…

12 mins ago

LNP – Discrimination galore – No locals, only foreigners

Discriminatory treatment of locals by tourist service providers has become an increasingly widespread concern across…

19 mins ago

LNP – Tree planting project along Colombo’s Marine Drive commences

A tree planting and conservation project was launched today (5) along the stretch of Colombo’s…

24 mins ago

LNP – SriLankan to pay USD 275,000 monthly for new airbus: Minister

SriLankan Airlines has to pay only a USD 275,000 monthly fee to the new airbus…

17 hours ago

LNP – Former Sri Lanka cricketer Sachithra Senanayake indicted for match-fixing

The Attorney General has indicted former Sri Lankan cricketer Sachithra Senanayake at the Hambantota High…

22 hours ago

LNP – SriLankan Airlines’ first wide-body aircraft in seven years touches down at BIA

SriLankan Airlines yesterday welcomed an Airbus A330-200 wide-body aircraft on arrival from Paris.

1 day ago