Rupee depreciation sends commodity prices soar by 40%: ACSMEA

Owing to the present depreciation of the rupee against the US$, prices of goods and other essential commodities have gone up drastically between 35% and 40%, and thereby affecting the entire nation, All Ceylon Small and Medium Enterprises Association (ACSMEA) national organizer Niruksha Kumara said.

He said the prices of commodities were increased since the day the Central Bank of Sri Lanka (CBSL) devalued the rupee against the US$ to Rs. 230.

Since then, we have imported raw materials as per dollar rate and at the prices announced thereupon. Later, the rupee was devalued against the US$ up to Rs. 275. 

All garments and lingeries went up to 31% as a result of the escalating prices of raw materials, and the trend is continuing, he said.

The country is importing 51% of intermediate goods for manufacturing essential commodities.

However, overall commodity prices have gone up by 150 to 200%, Kumara added. (Chaturanga Samarawickrama)