Sri Lanka: In the midst of the island nation's astounding economic downturn, rice prices have risen to intolerable levels. According to consumers, the cost of rice in the island country has skyrocketed at alarming rates. As per Colombo Page, the market price of a kilo of rice in the mainstream economy has now surpassed Rs 200-240.
The govt has been pressured to constrain the supply of many essential commodities, including food items, which has resulted in the much-inflated prices for necessities such as rice and milk powder.
It was also revealed that Sathosa retailer stores in several regions of the country are running dangerously low on crucial consumer products such as dried chilies, rice, and other food items.
Customers have demanded that the government take action to mitigate prices, such as importing rice or establishing a price control. Sri Lanka is in the clutches of an economic collapse, with fuel and food lack of supply impacting a huge fraction of the country's population. Ever since the onset of the COVID-19 global epidemic, the financial system has been in steep decline, resulting in the collapse of the tourism sector.
Sri Lanka is also undergoing a foreign exchange shortfall that has hampered its ability to trade fuel and food. The country has been experiencing lengthy power shortages.
The Incompetence of Sri Lankan Government in Dealing With Economic Crisis
Protests are also taking place throughout the country in response to the government's poor approach to handling one of the worst financial downturns in decades. A protest against the government of Sri Lanka has been held a day before yesterday outside the US Embassy in Colombo.
Sadly, the Island, which is identified with high human development indexes and claims to be the best in the region for some of the most well-implemented social welfare in education and health, has shocked the world with recent headlines. Sri Lanka's escalating crisis may be the result of popular excuses endorsed by the government.
The underlying reality, however, is that Sri Lanka's recession is the result of policy repercussions of political corruption since policies enacted by corrupted governments always will fail.
