Bakery owners hold talks with Trade Minister over price hike concerns

Today (26), a meeting took place between Wasantha Samarasinghe, the Minister of Trade, Commerce, Food Security, and Co-operative Development, and local bakery owners and manufacturers in Sri Lanka. They discussed the difficulties faced by these bakery owners due to the ongoing conflict in the Middle East. The Ministry reported that the All Ceylon Bakery Owners’ Association is planning to raise the prices of bakery goods following the recent increase in fuel costs. The meeting focused on understanding what is causing the price hikes in these products. Bakery owners explained that they use diesel to run their ovens, and the recent fuel price rise has led to higher production costs. It was also mentioned that companies producing wheat flour, which is essential for bakery items, have pledged not to increase their prices until after the upcoming Sinhala and Tamil New Year. During the discussion, the Minister raised concerns about whether bakery prices would go up again if wheat flour prices increase after the holidays. The Bakery Owners’ Association responded that they would not raise prices if wheat flour increased by about Rs. 10. They also asked for help in overcoming current challenges to use butter in their products instead of palm oil margarine, citing health issues. The Minister acknowledged their request and asked them to submit it in writing, so he could consider changing the import duties on butter, as the costs of both palm oil and butter impact bakery production expenses.