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Sri Lanka coconut auction prices up 3.7-pct

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ECONOMYNEXT- Sri Lanka’s average coconut prices gained 3.7 percent at the first auction in December, rising for the third straight week, official data showed.

The average price for 1,000 nuts increased to 69,975.88 from 66,247.20 a week earlier at the auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 78,700 rupees for 1,000 nuts up from the previous week’s 73,800 rupees, while the lowest was 58,500 down from 58,900 rupees.

Coconut prices have risen 5.6 percent over the past three weeks.

Most food prices in Sri Lanka have almost doubled since macro-economist printed money for two years to suppress rates and the rupee collapsed from 200 to 360 to the US dollar.

Sri Lanka does not export raw coconuts directly but most of the buyers at the auction are from the desiccated coconut industry. (Colombo/ Dec 04/2022)

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