Sri Lanka Faces Food Price Hikes Amid West Asia Crisis
In Sri Lanka, Trade and Food Security Minister Wasantha Samarasinghe has issued a warning about rising prices of essential food items due to supply disruptions linked to the ongoing West Asia crisis. Speaking to media recently, he highlighted that the country heavily relies on imported foods, with over 80% of potatoes and onions coming from overseas. This dependence makes Sri Lanka’s domestic markets highly vulnerable to global shipping delays and increasing freight costs.
The minister’s concerns come as the island nation continues to recover from its severe 2022 economic crisis, which saw fuel and foreign exchange shortages push food prices to record highs. While things have improved since then, higher fuel prices and a quota-based system for fuel distribution are still adding to transportation and supply chain costs. This, in turn, is putting extra pressure on the prices of goods at local markets.
To manage these challenges, the government has reintroduced a QR-code based fuel allocation system starting March 15. The new system aims to prevent panic buying and hoarding of fuel, ensuring more stable supplies for essential services. However, experts remain concerned that global conflicts and rising costs will continue to affect food prices in the coming months, making life harder for everyday Sri Lankans.
