<div><span style="font-size: 1rem;">Sri Lanka's annual inflation rate surged to more than 70% in August as it struggles with its worst economic crisis in over seven decades.</span><br></div><div><br></div><div>Official data also showed food prices rose by 84.6% compared to a year ago.</div><div><br></div><div>The South Asian nation of 22m people was plunged into financial and political chaos this year as it faced a shortage of foreign currencies.</div><div><br></div><div>The country has been unable to afford key imports - including fuel, fertiliser and medicine.</div><div><br></div><div>Last month, the Central Bank of Sri Lanka said it expected inflation to ease, as the country's economy slowed, after peaking at about 70%.</div><div><br></div><div>Official figures released last week showed that the economy had contracted by 8.4% in the three months to the end of August.</div><div><br></div><div>Before the pandemic, Sri Lanka was heavily reliant on tourism for foreign currencies, including the US dollar.</div><div><br></div><div>However, border closures aimed to slow the spread of Covid-19 kept tourists away and took a major toll on the country's economy. - BBC</div><div><br></div><div>bnbd24/fas</div>