Business
Karachi witnesses surge in sugar prices
The latest reports say that wholesale markets reported a Rs4 per kilo increase in sugar prices, driving it up to Rs131 per kilo in Karachi.
Karachi: The price of sugar reached Rs131 per kilo in Karachi on Friday as weekly inflation continues to rise, causing significant hardship for the salaried class.
Wholesale markets reported a Rs4 per kilo increase in sugar prices, driving it up to Rs131 per kilo in Karachi. The price of sugar surged by Rs12 per kilo after the occasion of Eid-ul-Azha.
Rauf Ibrahim, Chairman of the Wholesale Grocers Association, stated that the sugar mafia and hoarders deliberately created an "artificial shortage" of sugar and reduced its supply in the market. He added that following Eid-ul-Azha, the price of sugar, which was previously Rs117 per kilo, rose by Rs10. Now, it has increased by an additional Rs4 per kilo, reaching Rs131.
The chairman accused smugglers of diverting sugar to Afghanistan and Iran and urged the government to take strong measures to control sugar prices.
In addition, the weekly inflation, measured by the Sensitive Price Indicator (SPI), increased by 0.70% to reach 28.55% on a year-on-year basis for the week ending on June 6.
Out of 51 items, prices of 24 items (47.06%) increased, prices of 10 items (19.61%) decreased, and prices of 17 items (33.33%) remained stable during the week.