CAA to monitor prices of 9 essential food items

Wednesday, 10 April 2024 02:41 - - {{hitsCtrl.values.hits}}

The Consumer Affairs Authority, under the purview of the Trade, Commerce, and Food Security has initiated a program to monitor and regulate prices of essential food items in response to concerns about discrepancies between import costs and retail prices.

“Concerns have emerged over the apparent disconnect between the value of the rupee against the US Dollar and other foreign currencies and the prices of essential imported retail food commodities in the market. Trade Minister submitted information to the Cabinet of Ministers regarding the declared prices of nine essential food items, highlighting the urgency of the situation,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.

He said the initiative involves studying the estimated market prices of these items and publishing declared prices on a weekly basis.

“By providing consumers with accurate and up-to-date information on the true market value of essential food items, it expects to empower consumers to make informed purchasing decisions. Consumers will have the opportunity to compare declared prices with retail prices, enabling them to identify any discrepancies and exercise caution when shopping.” he added.