Minister of Trade Bandula Gunawardena says prices of goods in the market will increase further in future.
Minister Gunawardena said countries that are producing consumer goods and other essentials are likely to be hit by another severe wave of the coronavirus in December.
The Minister said if productions are hit in major economies it will impact countries like Sri Lanka that import goods from various nations.
Speaking to media in Colombo, Minister Bandula Gunawardena said the only answer for price hikes is increasing production.
The Minister said when production is increased the demand reduces and thereby the prices of goods come down.
Minister Bandula Gunawardena said since global issues will remain in place for another considerable period, local production must be increased.
He said everyone must be encouraged to produce any goods or products that can be manufactured locally.
Minister Bandula Gunawardena said the President has issued orders to suspend imports of certain products to encourage local producers and minimize the dependency on other countries.