Price formula for milk powder to be introduced

Colombo (News 1st): The Cost of Living Committee had approved the price formula for milk powder. A member of the committee said the price formula will be forwarded to the Cabinet of Ministers for approval. Once approved, any future price revision of milk powder will take place only using the price formula. The Cost of Living Committee said prices of milk powder in the local market will be decided considering the fluctuation of global prices. In addition, the Cost of Living Committee noted the respective companies have agreed to sell wheat flour at previous rates. A committee member said the companies informed that they would convey their final decision after consulting the parent companies in Singapore.