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Trade Ministry to issue price ranges to curb middlemen profits

09 Apr 2024 - {{hitsCtrl.values.hits}}      

The Trade, Commerce, and Food Security Ministry is to issue price ranges on essential items to curb excessive profits by middlemen in the retail market.    After a meeting held at the ministry, Minister Nalin Fernando said that the increase in commodity prices was a result of the economic crisis and inflation.    In 2022, Sri Lanka faced the challenge of being one of the countries with the highest commodity prices globally, primarily due to soaring inflation.   
“In 2019, a kilogram of wheat flour was priced at Rs. 85. By 2022, this price had escalated to Rs. 485, leading to a loaf of bread being sold for approximately Rs. 195 to Rs. 200.    Similarly, in 2019, a kilogram of dhal was sold for around Rs. 120. By 2022, this price had surged to Rs. 585 but has since dropped to Rs. 295,” the minister said.   
The depreciation of the dollar exchange rate, which initially contributed to the rise in commodity prices, has now stabilized.    The government’s efforts to ensure an adequate supply of consumer goods have proven successful.    Minister Fernando highlighted that consumers can now purchase eggs within the price range of Rs. 35 to Rs. 40, reflecting the government’s commitment to stabilizing prices and addressing shortages.