LCMA says biscuit prices drop by 10-15% from today

• Move comes following key raw material, packaging material price reduction, rupee appreciation against the dollar
• Prices drop from Rs. 10 - 70 depending on biscuit variety
• LCMA President S. M. Suriyakumar says new prices already adjusted via its vast distribution network

LCMA President  S.M.D. Suriyakumar

By Charumini de Silva

Lanka Confectionery Manufacturers Association (LCMA) has resolved to drop prices of biscuits by over 10% immediately (today) to pass on the benefits of lower key raw material costs to customers as the rupee continues to strengthen. 

The move comes following the key raw material, packaging material price reduction as well as the rupee appreciation against the dollar after many months.

The prices will drop between Rs. 10 - 70 or 10-15% across all confectionery categories depending on the variety of the biscuits such as crackers, marie, cream sandwiches and wafers.

“Our biscuit manufacturing members have unanimously agreed to reduce prices immediately on Monday to pass on the price benefit to customers who have borne the brunt of successive price rises throughout the economic crisis,” LCMA President S.M.D. Suriyakumar told the Daily FT.

He assured that all the biscuit stocks in all retail, wholesale, and supermarkets, will be restored and marked with the new reduced prices countrywide.

“The new prices have already been adjusted via our vast distribution network,” Suriyakumar added.

In June 2022, the $ 150-200 million worth local confectionery industry came under harsh criticism after they jacked up prices by an average of 200% across the board. 

At present, the products of the member companies of LCMA are exported to over 50 countries, whilst 150,000 retail stores across the country generate around 25% to 30% of the income generated by selling confectioneries. 

The confectionery manufacturing companies also pay a huge amount of taxes to the Government annually.