Bandula Warns Price Hikes on Imported Food Items…..

The joint opposition MP Bandula Gunawardane said yesterday, the rupee had drastically depreciated under the current Government and would lead to an economic crisis if remedial action was not taken.

 He said that the value of the rupee against the US dollar has dropped to Rs.150 raising concerns among the people of possible price hikes on imports including food items and raw materials,

 “In 2012, it was Rs.127. It dropped to Rs.129 in 2013 and Rs.131 in 2014. Today, it is Rs.150. This is big drop. The prices of essential items are bound to rise as a result of the depreciation,” the MP said.

He said sugar, dhal, milk powder, and lentils were among the widely consumed food items being imported to the country. The MP said in a desperate move the government released dollars from its reserves to stabilize the exchange rate but it would result in further economic issues.