Skyrocketing vegetable prices are driving traders to adapt their business strategies by displaying prices for lower quantities of vegetables.
Speaking to The Sunday Morning, Dambulla Economic Centre Trade Association Secretary I.G. Wijenanda noted that traders were choosing to display prices for lower quantities in order to sell their wares.
“Traders are now displaying the price of 100 g of vegetables,” he noted, adding that given the increased prices, many traders were displaying vegetable quantities as 100 g, 200 g, and 250 g instead of 500 g.
“For instance, earlier you could display that 500 g of beans was Rs. 100. But now, with the price of beans having risen, traders display it as a 100 g of beans costing Rs. 80, with the cost being displayed in larger font.”
As of Friday (22), the Central Bank’s price report of goods at the Pettah retail market recorded the cost of one kilo of beans at Rs. 550, carrot at Rs. 400, pumpkin at Rs. 200, and tomato at Rs. 700.
Wijenanda further noted that the recent rains and drop in supply from the farms had contributed to the skyrocketing prices of vegetables in the market.
“With the recent rains, vegetable stocks have spoiled, leading to a drop in supply. Consumer demand has also dropped because they can no longer afford vegetables at the prevailing prices.”
He moreover noted that the quantities purchased by retail traders from the economic centre had also declined due to the high prices, while it was also problematic to store vegetables due to the rains.
Meanwhile, former Treasurer of the Manning Market and Joint Economic Centre Association and wholesale businessman Nimal Attanayake noted that they expected vegetable prices to decline by mid-February, while prices were also expected to drop towards the end of January.
“If there had been a considerable consumer demand, the prices would have risen further. However, consumers are no longer able to purchase vegetables as before since vegetable supply is too low.”
He further noted that supply from farmers had dropped significantly, reducing the flow to the economic centres.