Infant milk powder prices slashed

Ridma DISSANAYAKE

Cooperatives and Internal Trade Minister Johnston Fernando said the prices of 19 varieties of infant milk powder have been reduced from yesterday. The minister said yesterday he had informed the Consumer Affairs Authority (CAA) to print the gazette notice related to the price reduction. The minister was addressing a special press briefing at the Cooperatives and Internal Affairs Ministry.

The prices of selected varieties of infant milk powder have been reduced by Rs 2 to Rs 404. The price reduction will be valid to new stocks of infant milk powder issued to the market from today, he said.

President Mahinda Rajapaksa directed the Internal Trade Affairs Ministry to reduce the prices of infant milk powder after paying attention to a number of complaints by consumers, the minister said.

“The reduction of infant milk powder has became a timely need in the past years. The ministry and the CAA are aware that infant milk powder companies make profits between 100 to 300 percent annually. This is unfair and the CAA held a number of discussions with these companies in the previous years. But they did not agree to a price reduction . However, now it has happened for the first time in history,” Fernando said.