'We should need further reduction in interest rates on the basis of forward-looking inflation, forward-looking output gap,' the central bank's governor Nandalal Weerasinghe said.
Prices in Sri Lanka rose 12% in June, the latest government data showed – a steep decline from the recent peak inflation rate of nearly 70% seen in September last year.
"If you look at the future, forward-looking inflation, we see very clearly, end-of-July inflation will be 7% by single digit and by end of the year, [inflation] will be low single-digit," he said.
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