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Sri Lanka coconut auction prices up 22 percent month-on-month

Sri Lanka’s average coconut prices gained 1.7 percent at the third auction in December rising for the sixth consecutive week. The average price for 1,000 nuts increased from LKR 76,438.65 to LKR 77,786.14 a week earlier at the auction conducted by Sri Lanka’s Coconut Development Authority.

Average prices are up 22 percent from November 03. The highest price was LKR 86,100 for 1,000 nuts up from the previous week’s LKR 83,100, while the lowest was LKR 64,000 down from LKR 66,200. Retail mature coconut prices are around LKR 80 to 100 a nut.

Coconut prices tend to move up in December and ease by around February sector officials say, but in 2022 the rupee collapsed from LKR 200 to 360 to the US dollar and coconut prices did not immediately move up. Most food prices in Sri Lanka have almost doubled since macro-economists printed money for two years to suppress rates and the rupee collapsed from LKR 200 to 360 to the US dollar in 2022.

[ LKR 100 = € 0.26 ]

 

Source: economynext.com

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