Pakistan Suffer 10-20% Rise In Rice and Wheat Prices Amid Floods
Pakistan has increased the prices of wheat, and flour by up to 10-20 per cent, amid the ongoing inflation in the country, local media reported on Saturday.
Their prices of the wheat and wheat flour skyrocketed by up to 10-20 per cent on the outlook for a possible delay in the sowing of the staple crop in October and a doubling of the grain support price to Rs4,000 per 40/kg by the Sindh government for the next cultivation season, The Express Tribune reported.
The wheat flour price has increased by PKR20-25 per kilogram in a matter of a few days to PKR120-125/kg in Karachi, the newspaper stated citing people and grocery sellers.
On Friday, the Pakistan Bureau of Statistics (PBS) said in its report that the wheat flour price increased on average by 7.51 per cent nationwide to PKR106.38/kg in the week that ended on September 15 compared to PKR98.95 in the prior week which ended on September 8.
Similarly, the wheat (grain) price surged 14 per cent in a week to PKR88/kg compared to PKR77.42/kg in the prior week.
“Wheat has jumped 30 per cent in three months (as per PBS),” Ismail Iqbal Security Head of Research Fahad Rauf said, as per The Express Tribune.
Meanwhile, PM Shehbaz Sharif’s coalition government, which took over in April 2022, is grappling with multiple political and economic crises. Its current account deficit has surged to USD 17.4 billion or 4.6 per cent the size of the economy during the last fiscal year on the rising trade deficit.
A surging current account deficit amid depleting dollar inflows from multilateral and bilateral lenders, and shrinking foreign investment have brought the foreign exchange reserves and rupee under enormous pressure over the last several months.
It has stoked rapid inflation, forced the State Bank to boost borrowing costs to a multiyear high and eroded investor confidence in the economy. (ANI)
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