Prices of essential items to be stabilised

Agreements between traders, coop societies :

by Lalin Fernandopulle

The Ministry of Trade, Marketing Development, Co-operatives and Consumer Services for the first time signed agreements with the private sector traders and cooperative societies to keep prices of essential commodities stable for three months commencing March 1.

The agreements were signed in accordance with the Consumer Affairs Authority (CAA) Act which makes provisions for the CAA to enter into an agreement with any producer or manufacturer for the welfare of the consumer. Section 14 of the CAA Act No. 9 of 2003 states that every measure should be taken to maintain understanding and equilibrium between traders and consumers.

The prices of 11 essential consumer items such as sugar, sprats, dhal, green gram, garlic, dried chillies, red onions, potatoes, canned fish, dry fish and gram at all wholesale markets will remain stable during the period.

Minister Bandula Gunawardana said the decision to keep prices of essential commodities stable was taken to bring immediate relief to consumers who are burdened with a staggering cost-of-living.

"There cannot be development in a country when its people are burdened with the cost-of-living. We believe that these measures will help everyone to live a decent life", the Minister said.

Chairman CAA, Sarath Wijesinghe said this agreement has been reached with traders to keep prices of consumer items stable and pledged his fullest support to continue the program amidst any criticism. The prices of vegetables and many consumer items have been increasing at an alarming rate in the recent past causing enormous difficulties to consumers especially of low income families.

The price stabling mechanism will be ongoing and new agreements will be entered into at the end of the second month. Traders will be called upon to make their proposals in April. Over 175 traders agreed to fix prices on the eleven items.

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