The government says that prices of food items are bound to see a sharp increase due to natural disasters experienced around the world.
Governing UPFA General Secretary and Petroleum Minister Susil Premajayantha has told the media that prices of food items that are being imported from countries affected by natural disasters would see a sharp increase.
Countries like Australia, New Zealand, the European Union (EU) and the US, have been affected by natural disasters such as flash floods, earth quakes, droughts, forest fires and blizzards that have destroyed food crops, livestock, dairy farms and other food cultivations.
Speaking of the steps taken by the government to reduce the rising cost of living, Premajayantha has observed that steps have been taken to reduce import taxes on fuel.
According to the Minister, the government has incurred a Rs.4 billion loss in revenue in January after the import tax on a liter of petrol was reduced by Rs.10.