United National Party (UNP) former Deputy Leader and MP Ravi Karunanayake has claimed that the current government does not appear to have a clear plan to control inflation in the country.
Speaking to the media, Karunanayake explained that when domestic supply is insufficient to meet demand, the resulting increase in prices is known as demand-pull inflation. He said price increases caused by rising import costs are referred to as imported inflation.
He noted that while demand-pull inflation can be addressed through domestic measures, imported inflation is more difficult to control.
Karunanayake said such economic challenges could be faced by any government.
He added that it was not appropriate to describe the situation as the “curse of ’76” when referring to one group while attributing similar economic difficulties to an international crisis when referring to another.
Instead, he said the government should focus on finding national solutions to the economic challenges facing the country.
