Price of imported milk powder increased
By Chetan Perera
The price of imported milk powder was increased with effect from yesterday (16).
The Consumer Affairs Authority (CAA) said that the price increase was in line with the new price formula for imported milk powder, which took effect yesterday.
The price formula will be implemented every three months to be on par with world prices.
The new price of a 1 kg imported milk powder pack was increased to Rs. 920, 440 g pack to Rs. 370, and 150 g pack to Rs. 160.CAA Director General M.S.M. Fouzer said that the scientific pricing formula for imported milk powder was developed in collaboration with the Customs Department, Ministry of Industry and Commerce, Ministry of Economic Reforms and Public Distribution, and Ministry of Finance.
The formula aims to be a transparent and scientific method of benefiting consumers who are negatively impacted by changing economic factors such as international price fluctuations.
The formula was adapted by the Cabinet Subcommittee of Cost of Living and approved by the Cabinet.