Prices skyrocket in Sri Lanka–even buying a humble cup of tea is now a luxury

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<strong>Sipping a cup of humble tea in Sri Lanka is now a luxury. For Sri Lankans, milk tea made of strong tea with powdered milk and usually sugar – a favourite beverage, is consumed by people across the socioeconomic demographics.</strong></p>
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The deepening economic crisis in Sri Lanka has impacted prices of all essential items including food and medicines. The price of milk powder has now been raised by 250 rupees and 600 rupees per 400g and 1kg respectively.</p>
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According to reports, the Milk Powder Importers’ Association has now said that a 400 gm pack will now be sold at 790 rupees while a 1kg pack will be sold at 1,945 rupees.</p>
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Milk powder is considered an essential commodity in Sri Lanka and is preferred more compared to fresh milk.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/world-news/import-restrictions-hit-sri-lanka-s-retail-sector-fear-of-job-losses-arises-151638.html">Import restrictions hit Sri Lanka's retail sector, fear of job losses arises</a></strong></p>
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The last milk powder price revision was in December 2021 — 400g by 60 rupees and 1kg by 150 rupees — but importers had persisted in their demand for a steeper increase claiming that it wasn’t enough, <a href="https://economynext.com/milk-powder-prices-in-sri-lanka-spike-again-91846/" rel="nofollow">Economy Next</a>, a Colombo based news organisation said.</p>
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The nation has also been hit by an acute shortage of fuel. The shortage of fuel leading to frequent power cuts have only made life even more difficult.</p>
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Long queues at fuel stations are common now. Three people have already died in the “fuel queue.” On Sunday, a 29-year-old from Colombo was stabbed to death. “Posts have been circulating on social media about people fainting from the heat as they wait in line for gas, diesel, and other essentials,” Economy Next said.</p>
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A crippling fuel shortage and consequent power cuts across Sri Lanka are threatening to worsen the island nation’s persisting economic crisis, while sparking protests from citizens.</p>
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The ongoing Russia-Ukraine crisis impacting fuel and commodity prices has further hit the island nation’s economy, prompting the Sri Lankan government to impose import restrictions on 367 items. Aimed at saving the dwindling foreign exchange reserves, even items such as milk products, fruits and fish have been categorised as “non-essential”.</p>
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The acute financial crisis in the island nation has prompted the UK and Canada to issue advisories to their citizens warning them of the current economic situation.</p>
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“There may be long queues at grocery stores, gas stations, and pharmacies. Local authorities may impose the rationing of electricity, resulting in power outages,” the advisory issued by the UK said.</p>