Colombo, Apr 1 (IANS): Sri Lanka's inflation decreased to 50.3 per cent in March from 50.6 per cent the previous month amid the ongoing economic crisis, official statistics revealed.

The year-on-year inflation of the food group dropped to 47.6 per cent in March from 54.4 per cent in February, and inflation in the non-food group increased to 51.7 per cent from 48.8 per cent in February, reports Xinhua news agency.

Inflation in the country has been dropping in the last few months.

Inflation fell to 54.2 per cent in January from 57.2 per cent in December 2022.

The country's central bank said that inflation will be reduced to single digit by the end of the year.

As Sri Lanka is still undergoing its worst ever economic crisis since independence in 1948, the island nation last month had finally secured a $2.9 billion bailout from the International Monetary Fund (IMF), which came as a lifeline for the island nation that has billions of dollars in loans.

The Covid-19 pandemic, rising energy prices, populist tax cuts and inflation of more than 50 per cent has battered Sri Lanka.

A shortage of medicines, fuel and other essentials also pushed the cost of living to record highs, triggering violent nationwide protests which overthrew the Gotabaya Rajapaksa government in 2022.

As a result the country defaulted on its debts with international lenders last May for the first time in its history.