Daily Times

The government of Sri Lanka has planned to import 400,000 metric tons of rice in a bid to increase supply against rising rice prices in the South Asian country. As many as 300,000 metric tons of rice are expected to be imported from India, and a further 100,000 tons from Myanmar in order to bring down the rice prices artificially inflated by several large rice millers, Gilma Dahanayake, additional secretary of the ministry of trade, was quoted as saying by the state-owned Daily news newspaper on Tuesday. According to media reports Dahanayake said that rice stocks will be imported in tranches of 20,000 metric tons by the Sri Lanka State Trading (General) Corporation, which is a state-owned trading company. Sri Lanka’s food inflation as measured by the Colombo Consumer price Index reached as high as 25 percent in January due to supply shortfalls as a result of poor weather and a lack of fertilizer, as well as high import prices. Sri Lanka consumes around 2.1 million metric tons of rice per year.