“Milk powder to shelves from Thursday”
Accordingly, the new price of a kilo of milk powder is Rs. 1145 while a 400-gram packet will be sold at Rs. 460.
Speaking to Daily News Business Ariya Kiri, Director CEO and MIA member Lakshman Weerasuriya said although his Association requested the Consumer Affairs Authority to permit them to increase one KG packet of milk powder by Rs. 350 the Authority permitted to increase a kilo of milk powder by Rs. 200.
He said accordingly MIA is satisfied with the new price approved by the CAA considering the current shortage of milk powder in the country.
“This is a temporary increase until the situation becomes normal as still, the Association incurs a loss of Rs. 150 from one kilo of milk powder and therefore there is a possibility of revising the price again after the Government Budget. Weerasuriya further said the milk powder shortage has occurred in the country during the past several months and the situation will become normal from Wednesday.
He further said the Association made several requests from the Consumer Affairs Authority (CAA) from the beginning of this year to increase the price in par with the price increase of milk powder in the world market, the high cost of freight charges and the increase of the value of the dollar against the Sri Lankan rupee.
According to reports, Sri Lanka’s monthly milk powder consumption is between 6,500 to 7,000 metric tons.