No Price Hikes for Rice During Festive Season

COLOMBO (News 1st) - The National Cooperative Wholesale Establishment says that there will be no increase in prices of rice during the upcoming festive season.

CWE Chairman Kosala Wilbawa confirmed that the government currently maintains sufficient buffer stocks of rice to meet the demands. 

Minister of Trade, Commerce, Food Security, and Cooperative Development, Wasantha Samarasinghe, said the following during an inspection of government rice stocks in Marandagahamula that the Paddy Marketing Board has begun releasing 50,000 metric tons of rice into the market.

These stocks were collected during the last Yala season through a joint initiative between the Paddy Marketing Board and the National Cooperative Wholesale Establishment, purchasing paddy from farmers at government-guaranteed prices.

To ensure the rice stocks reach the public, the National Cooperative Wholesale Establishment is distributing stocks through retail stores, cooperatives, and Lanka Sathosa outlets.

More than 300 metric tons of rice are being processed and distributed daily to maintain a steady supply.

Furthermore, the Minister noted that the government aims to purchase over 100,000 metric tons of paddy during the current Maha season to for national food security.