KARACHI: Managing essential items budget as well as other basic expenses have become more difficult for consumers in view of rising food prices and other items following a sharp devaluation of the rupee against the dollar.
The US currency was available at Rs152-153 in the first week of May as compared to the current Rs171.80 after touching the record peak of Rs175 on Tuesday in the interbank market, thus pushing up cost of imports of finished items as well as raw materials arriving from various countries for the local production of goods.
Moreover, soaring food prices on world markets coupled with rising freight cost and logistic issues have been putting extra pressure on the prices of locally made and imported products.
A price review in cities like Karachi, Islamabad, Lahore, Multan, Larkana, Peshawar, Bahawalpur, Quetta, Bannu, Khuzdar, Sukkur and Hyderabad from the first week of May to Oct 28 based on Sensitive Price Index (SPI) showed a massive jump in 20kg wheat flour bag price to Rs1,100-1,500 from Rs860-1,333.
Essentials record massive increase in prices since May
Cooking oil price soared to Rs1,745-1,820 from Rs1,540 per five-litre pack while the one kg ghee pouch rate surged to Rs346-361 from Rs303. Sugar sells at Rs90-120 per kg as compared to Rs85-100 per kg.
Lipton Tea Yellow Label 190 gram pack price increased to Rs250 from Rs230 while fresh milk rate went up to Rs90-140 from Rs80-130 per litre.
Gram pulse rate hovered between Rs118-180 from Rs120-175 per kg. Masoor pulse prices Rs160-210 per kg versus Rs130-180 per kg in May this year.
Electricity charges for lowest slab (up to 50 units) during May were Rs6.18 per unit as compared to Rs6.57 per unit on Oct 28 while gas charges up to 3.3719 mmBtu had remained unchanged at Rs141.57 per mmBtu.
The price of beef with bones (average quality) soared to Rs450-750 from Rs400-700 per kg during the period. Mutton (average quality) price rose to Rs900-1,400 from Rs 810-1,300 per kg in May.
The price of basmati broken rice (average quality) slightly went up to Rs75-130 per kg from Rs70-120 per kg, while rice Irri 6/9 (Sindh/Punjab) prices stood almost the same at Rs55-95 per kg.
FPCCI Standing Committee on Pulses Convenor Anis Majeed said some pressure on the dollar has eased after the start of negotiations with the IMF. “The dollar should sell between Rs165-170 in coming weeks from the current Rs172, otherwise commodity prices will further come under pressure,” he said.
Mr Anis said world pulse rates had witnessed a moderate rise as compared to high increase in sugar and wheat on the world market.
Published in Dawn, October 31st, 2021