What is in news : Sri Lankan President has declared an economic emergency to contain soaring inflation after a steep fall in the value of the country’s currency caused a spike in food prices

Details :

• Under the public security ordinance
• Prevent the hoarding of essential items, including rice and sugar
• Appointed a former General as commissioner of essential services
• Will have the power to seize food stocks held by traders and retailers and regulate their prices
• Emergency move followed sharp price rises for sugar, rice, onions and potatoes