Sri Lankan biscuit companies reduced their prices mainly as CSR initiatives since they saw that people’s nutritional levels were dropping and due to peoples buying power reducing Director Cherish Biscuits Anuradhapura, Dheera Vidanage said.
He said that they are based in North Central province and also observed that malnutrition among children was dropping due to disposable income of parents not increasing to meet the increasing commodity prices. Hence we too contacted the confectionery association and they also approved this price reduction and now several other leading confectionery manufacturers too have slashed their prices.
“This price reduction would be effective for the current stocks. However this would not be effective for our exporters.” He also said that the globe prices of some of the confectionery manufacturing materials also dipped and this too had an impact for this decision. Vidanage however said that the price reduction will have a negative impact for their bottom-line as the higher electricity and transport charges, increase of VAT and doubling of interest rates will offset the reduction of raw material costs. He also said that they have provided over 500 employment opportunities to rural youth in the North Central Province.
by Daily News Sri Lanka
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