The Milk Powder Importers’ Association has raised the price of imported milk powder with immediate effect, NewsFirst and Newswire reported on Wednesday.
Under the revision, a 400-gram packet has been increased by Rs. 50, while a one-kilogram pack has gone up by Rs. 125. The association did not disclose the new shelf prices in either of its statements.
Importers had previously held prices steady through several months despite the rupee weakening to record-low levels against the dollar and elevated global dairy and shipping costs linked to the West Asia war. People’s Bank quoted the dollar at Rs. 340.67 in its selling rate this week, the highest published level of the cycle.
Sri Lanka imports the bulk of its milk powder, with New Zealand and Australia among the largest sources, and the cost of imported dairy products is sensitive to both the exchange rate and global dairy auctions.
The hike adds to a string of cost-of-living pressures building since the southwest monsoon onset, and follows April PMI data showing both manufacturing and services in contraction as households face squeezed real incomes.
