The prices of powdered milk have been increased according to the new milk food price formula, Minister of Industry and Commerce Rishad Bathiudeen said.
Accordingly the price of a 1kg packet of milk powder has been increased by Rs 60 while the price of a 400g packet has been increased by Rs 25.
The new price of a 1kg imported milk powder packet is Rs 920 and 400g packet is now Rs 370.
The Consumer Affairs Authority (CAA) has reportedly granted approval to companies for the milk powder price increase based on the price formula.
A milk powder shortage had prevailed in the country in the past couple of days due to authorities not approving a price increase in imported milk powder.
Due to this, Cabinet approval was recently granted to introduce a new pricing formula for milk powder.
Accordingly the CAA has decided to allow the relevant companies to hike prices based on that formula, the minister said.