Infant milk powder prices slashed
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