List of South Asian Countries with the Highest Inflation Rates in June 2022

Economics & Macro

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Viva Budy Kusnandar 22/07/2022 17:10 WIB

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Sri Lanka's inflation reached 45.3% year-on-year (yoy) in May 2022.

Inflation in South Asian Countries (June 2022)

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List of South Asian Countries with the Highest Inflation Rates in June 2022

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Inflation in South Asian Countries (June 2022)

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Sri Lanka is the South Asian country hardest hit by the global rise in food and energy prices. Increased demand and limited supply due to the Russian invasion of Ukraine have fueled a surge in energy prices, particularly crude oil.

Inflation in Sri Lanka reached 45.3% (year-on-year/yoy) in May 2022. Rising commodity prices and the weakening of the Sri Lankan currency have made imported goods extremely expensive, triggering high inflation in the country.

Besides Sri Lanka, high inflation is also occurring in Pakistan, reaching 21.3% (yoy) in June 2022. Nepal experienced inflation of 7.9% (yoy) in June 2022, Bangladesh 7.4% (yoy) in May 2022, and India 7% (yoy) in June 2022.

The Asian Development Bank (ADB), in its supplementary report to the *Asia Development Outlook* (ADO) released in July 2022, revised its forecast for South Asia's economic growth downward to 6.5% in 2022. This is lower than the April forecast of 7%. Similarly, the 2023 forecast was revised downward to 7.1%, lower than the previous forecast of 7.4%.

This revision is due to the economic crisis and high inflation in Sri Lanka, as well as the monetary tightening measures implemented in India.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."