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SRI LANKA WHOLESALE RICE PRICES FALL DRAMATICALLY IN FEBRUARY
3/2/2018

ECONOMY NEXT (02/03/2018)

SRI LANKA WHOLESALE RICE PRICES FALL DRAMATICALLY IN FEBRUARY

ECONOMYNEXT - Sri Lanka's wholesale rice prices at the Marandagahamula market, which is a benchmark for the rest of the country has fallen dramatically in February with key grades down 20 percent from December 2017, as domestic harvests start to come in.

Marandagahamula Samba, a domestic premium rice fell to 82.30 rupees a kilogram on February 23, plunging 27.1 percent from 104.63 rupees a kilo peak reached on December 29, according to central bank data.

Marandagamula White Kekulu (Raw) rice fell from 20.3 percent from 90.75 rupees a kilo in December 29, to 75.40 rupees in February 23.

Marandagamula Red Raw fell 7.5 percent to 83.25 rupees a kilo to 77.00 rupees a kilogram.

Marandagamula Nadu, a popular grade used widely in mass-market rice takeway market (buth packet) rice fell 21.75 percent to 75.70 rupees a kilo from 96.50 rupees a kilo.

Sri Lanka main Maha (winter/spring) harvest is now coming in with this year's harvest expected to rise 57 percent as the rice growing regions recover from a drought.

The high prices last year helped cushion farmer incomes, as output halved.

Global rice prices are still high. Over 2017 rice prices have risen 20 to 30 percent in rice exporting and importing countries.

Unlike in Sri Lanka, where rice is protected with import duties, most Asian nations produce export grade rice and good harvests pushes up farmer incomes.

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