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Harsha explains rising prices of essential goods

07 Sep 2021

In a recent Zoom interview, Samagi Jana Balawegaya MP Dr Harsha De Silva gave an explanation as to why the prices of essential goods have spiked and whether the Emergency Regulations can stop prices from going up. De Silva explained simply that the prices are going up, especially with imported goods, as the Sri Lankan Rupee is crashing against the US Dollar. Using the sugar hoarding as an example, he said the price of sugar went up not because the stocks were hoarded, as the same applied to LP gas, lentils and canned fish which were not hoarded. He goes on to blame the undisciplined printing of money and quoted that 'inflation is always and everywhere a monetary phenomenon- too much money chasing too few goods', further explaining that when there is no production increase to compensate for that increase in money, all what happens is prices begin to rise. Condemning the Government and central bank for believing that they could control interest rates at unrealistic levels by continuing to print money, De Silva says that over a trillion and a quarter rupees were printed in the last 20 months.

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