The President met with the wholesale traders, importers and government officials at the Temple Trees today to discuss the measures need to be taken to keep the prices of essential items from rising with the global commodity prices.
He said that maintaining adequate stocks would help to offset price changes in the world market. The President pointed out that there would not be changes in the prices of rice, dhal, sugar and other essential items as the country has adequate stocks.
Sri Lanka's opposition parties have taken to the streets demonstrating against higher food prices and cost of living.
The government in a move to curtail the rising cost of living slashed import duties last month on certain essential items including milk powder, fuel, and LP gas.
However economists warn that such short-term solutions are going to affect the government coffers and hurt the economic growth.
The recent floods that destroyed one-third of the expected rice harvest will add to the rising cost of living woes, the economists point out.
The United Nations Food and Agricultural Organization (FAO) food price index, which is a measure of the monthly change in global food prices, rose for the seventh consecutive month hitting an all-time high in January 2011.
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