Prices of imports to increase further

Economic and financial experts say that shipping rates, which have risen significantly so far, will continue for some time, leading to higher prices of imported goods. 

In addition to rising prices of essential commodities in the world market, the increasing cost of global shipping costs will also have a direct impact on the prices of imported goods, they say.World market prices of essential food items as well as energy prices, including fuel and gas, have risen significantly compared to last year.

Sri Lanka's fuel import expenditure in the first eight months of this year (2021), shows an increase of US$ 704.7 million as compared to the same period in last year, due to higher fuel prices.

 As a result, people will have to face higher levels of Cost of Living, economic and financial experts further say.