Mar 12, 2022

Rice at Rs. 300 per kilo; prices of motorcycles, vehicles could increase uncontrollably Featured

In the face of the rupee devaluing and increasing fuel prices, the price of a kilo of imported rice could increase by around 50%, said Ananda Wijewickrama, Professor of Economics, University of Peradeniya.

He added that under such circumstances local rice prices would also increase to around Rs. 300 per kilo.

He also points out that sugar, milk powder, vegetables, gas, fuel, bread, buns, clothes, books, shoes, sandals, etc. will all increase in price by 35% to 70%.

Motorcycles, bicycles, cars, cement, tiles and electrical appliances will also go up uncontrollably, he predicted.

Professor Wijewickrama added that these conditions would triple inflation in the country and that the poorest groups would fall from the frying pan into fire and would invariably end up as beggars.