Sep 20, 2022

Biscuit companies slash prices after stocks go unsold!

It is reported that the Lanka Confectionery Manufacturers Association (LCMA) has decided to reduce the price of their products by 10-13% with immediate effect.

Chairman of the LCMA - Mr. S.M.D. Suriyakumara has told 'Dailymirror' that they had arrived at this decision after prices of two main ingredients had been slashed.

The price of confectionary grade sugar has been slashed by Rs 40 per kg while the price of vegetable oil has dropped by around Rs 250 per kg.

When comparing the prices of confectionaries before the political and economic crisis that worsened in May 2022, with the prices of products today, the confectionary prices have increased by an average of 230 percent.   The Marie biscuit, a popular snack across all consumer segments, which was Rs.30 a few months ago, is now sold at Rs.100 per 80-gram packet.  The local confectionary industry came under harsh criticism recently, as the consumers found the manufacturers increasing the prices of products in an unreasonable manner.

As a result, many decided to boycott confectionary products, resulting in a significant drop in sales.

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