Prices of essential goods in the market have been decreasing rapidly in the last few days due to the daily decrease in the value of US dollar against the Sri Lankan Rupee.
A week ago, the wholesale price of a kilo of sugar in the market on July 2022 was Rs. 220 and today it has come down to 195 rupees. The wholesale price of a kilo of dhal was Rs. 360 and it has come down to Rs. 325. A kilo of big onion, which used to cost Rs. 210 rupees, has come down to Rs. 95 and a kilo of potatoes which was Rs. 350 has come down to Rs. 130 by yesterday. Media spokesman of the Association of Importer’s of Essential Commodities
Nihal Seneviratne said yesterday (8) that due to the daily decrease in the value of the US dollar, exporters are losing billions of rupees. He said that in the last three days, the value of a dollar decreased by Rs.50, which is between 10 and 15 percent. He said the Central Bank should intervene to stabilise the dollar against the rupee and that importers, exporters, general wholesalers and all businessmen cannot bear this situation.
Pointing out that this is a threat to businesses, he said that if the dollar decreases in a big way, businessmen may leave their businesses. Businessmen do business by obtaining bank overdrafts. Interest has to be paid for that. Also, they retain essential food items and other necessary items in stock. Thus, due to the fall of the dollar,
they have to sell goods at a lower price and pay bank interest and loan amount for the money they obtained. The government should take immediate action regarding this situation. A kilogram of wheat flour was reduced by Rs.15, a prominent wheat flour company, Prima Ceylon Private Limited, informed all its sales agents yesterday.
The company said the price reduction was due to the Rupee appreciation against the US dollar.
The sales agents said the demand for wheat flour has reduced due to price hikes in recent times, and that the plantation community had detached themselves from food made of wheat flour as those became unaffordable to them.