Food Importers Warn of 10-20% Price Hikes Ahead of Festive Season 📈

The Essential Food Commodities Importers and Traders Association (EFCITA) has confirmed that while supplies for the upcoming Sinhala and Tamil New Year remain stable, rising global costs will drive retail prices up by 10-20% in the coming weeks. • Supply Status: No shortages of essential staples are expected. Perishable items like onions, garlic, and potatoes are stocked on two-week cycles, though some lentil shipments from Canada and Australia face slight delays. • Cost Drivers: Price hikes are driven by geopolitical tensions in the Middle East, leading to: Surging freight charges and "war risk" insurance premiums. Higher bunker fuel prices and a weakening rupee. Lengthened transit times as shipping lines alter routes. • Economic Impact: As a net importer of food and fuel, Sri Lanka remains vulnerable to maritime disruptions. Economists warn that higher landed costs will directly impact consumer "New Year shopping baskets," adding to existing cost-of-living pressures. _Note: Based on EFCITA and Ministry of Trade briefings as of March 24, 2026._