Prices of confectionary items to come down with immediate effect

20 September 2022 07:24 am - 9 - {{hitsCtrl.values.hits}}

A A A

Price drop to take place across all product lines
Prices to reduce by 10-13%
Reduction in price possible due to drop in sugar and vegetable oil prices

By Shabiya Ali Ahlam

After several weeks of paying exorbitant prices to procure what used to be affordable snacks, consumers will witness a drop in the prices of confectionary products across all product categories.

The prices of confectionary items will reduce by 10-13 percent, with immediate effect.

The Lanka Confectionery Manufacturers Association (LCMA) told Mirror Business yesterday that a decision has been made to reduce the prices of confectionery items in the market, as the costs of two of the key raw materials have come down.

The sugar grade used for confectionary manufacturing has dropped by Rs.40 per kilogram, whereas the price of vegetable oil has declined by about Rs.250 per kilo.

“There was an increase in the prices of sugar and vegetable oils, which has now dropped. We, the members of the LCMA, discussed the possibility of reducing the price of the end product and came to a decision to have a blanket reduction in prices,” said LCMA Chairman S.M.D. Suriyakumara.

“The current economic conditions are difficult for all. Therefore, the membership decided that we will pass on the benefit of the price drop in raw materials to the consumer,” he added. The prices of consumer products, specially food items, have increased exorbitantly in recent months and the manufacturers have cited economic challenges as a key reason to increase the prices. The restrictions on imports of raw materials and the increase in fuel prices have led to the price increase, making confectionary items unaffordable to may.

When comparing the prices of confectionaries before the political and economic crisis that worsened in May 2022, with the prices of products today, the confectionary prices have increased by an average of 230 percent. The Marie biscuit, a popular snack across all consumer segments, which was Rs.30 a few months ago, is now sold at Rs.100 per 80-gram packet. The local confectionary industry came under harsh criticism recently, as the consumers found the manufacturers increasing the prices of products in an unreasonable manner.

In a press conference held last month, the members of the LCMA justified the increase, stating it was a necessary move to continue operations.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 9

Mizaru Tuesday, 20 September 2022 07:42 AM

These fellows are part of a mafia in Sri Lanka. One manufacture increased a small packed of Marie biscuits from Rs.20 to Rs.100. Very intelligently and due to financial difficulties, the public stoped eating biscuits. Now they are up in arms. Boycott biscuits until these manufactures go bankrupt.

Farook Tuesday, 20 September 2022 07:51 AM

The manufacturer's are feeling the pinch as customers are not willing to pay exorbitant prices as they increased the prices way too much making huge profits. The customers should boycott all products which are unreasonably increased beyond what we can afford

Thimothy Tuesday, 20 September 2022 08:26 AM

The truth is... People were not buying them and their sales dropped by about 80%. This is the lesson that consumers should teach to the other errant suppliers / manufactureres.

NIlan Tuesday, 20 September 2022 08:43 AM

still we wont buy biscuits

Terrence Tuesday, 20 September 2022 09:07 AM

Bell Tolls for those who have made use of the opportunity to increase the prices of all items as the consumer demand is dictating the selling prices

BUSHEL Tuesday, 20 September 2022 09:32 AM

The crux of the matter is they cannot sell at the current prices and and enjoy the same profit margin. Unless they reduce there profit margin survival of this industry too is at risk.

Samantha Hetti Tuesday, 20 September 2022 10:22 AM

This confectionery mafia cannot make sales, so they reduce their impossible prices. Their acting together as cartel/mafia is all the more despicable. Government should investigate why individual company can't up and down the price as they need to and instead have to act as mafia group.

Amal Fernando Tuesday, 20 September 2022 11:15 PM

All should continue to boycott buying these items

Wrong, Wrong wrong Wednesday, 21 September 2022 05:16 PM

Vegetable oil price did not reduce anywhere near as much as claimed. I expect the LCMA actually had double or triple sized margin built into their price increase. It would actually be folly for the LCMA businesses to manufacture at prices which consumers would not buy at. A lot of the story of the LCMA seems more marketing and trying to game the government into giving them import/duty cuts (by working together as cartel). I would not trust LCMA and do not sympathize with them at all.

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Prices of confectionary items to come down with immediate effect

Comments - 9

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Attempt to send 17 year-old-boy to London on forged documents foiled

Gota fires back at Cardinal, rebuts allegations

AstraZeneca admits for first time its COVID vaccine can cause rare side effect

Ranil’s evolving strategy to win 2024 presidential poll

Not AirAsia bidding to acquire SriLankan: Capital A CEO clarifies

An Int’l summit avoids Sri Lanka due to beggar menace in Colombo

MIRROR CRICKET

World Cup finalist named in USA T20 World Cup 2024 squad

Co-hosts West Indies announce squad for T20 World Cup

LPL 2024 Player Auction on May 21

ICC announce Match Officials for ICC Men’s T20 World Cup 2024

TODAY'S HEADLINES

Protesting medical students tear-gassed

Fisherman arrested for amassing Rs.90Mn assets beyond his means

Sri Lanka drops 15 positions in World Press Freedom Index: Ranks 150

Young Lawyers flay Tiran for calling eliminating criminals not a sin

World Cup finalist named in USA T20 World Cup 2024 squad

Co-hosts West Indies announce squad for T20 World Cup

LPL 2024 Player Auction on May 21

ICC announce Match Officials for ICC Men’s T20 World Cup 2024