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Demand for vegetables decline amid drop in purchasing power – Traders
Colombo, June 25 (Daily Mirror) - Demand for vegetables has declined significantly due to a drop in consumers’ purchasing power, defying the usual economic principle of demand, according to traders at the Manning Market in Peliyagoda.
“People’s cash flow has decreased, and as a result, they are buying fewer vegetables. This is why prices have gone down. Typically, prices fall when there is an oversupply, but what we’re witnessing now is different. Prices are dropping even though vegetables are an essential item,” said S. M. Upasena, former President of the Manning Market Traders’ Association, speaking to the Daily Mirror.
As of yesterday, the prices of common vegetables were as follows: tomatoes at Rs. 200 per kilogram, green chilies at Rs. 500, leeks and cabbage at Rs. 180 each, and beans at Rs. 200 per kilogram, according to Upasena.
He also warned that the ongoing crisis in the Middle East could further impact vegetable prices due to rising transportation costs if a fuel shortage arises.
“If the Middle East crisis worsens, we may face fuel shortages, which will increase transportation costs and, in turn, vegetable prices. However, we hope it won’t escalate to that level, as global leaders seem to understand the seriousness of the situation and are working toward de-escalation,” he added.
Minister of Ports and Transport Bimal Ratnayake also raised concerns in Parliament last week, stating that an intensified crisis in the Middle East could lead to container congestion at the Colombo Port.
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