Sunday, January 2, 2011

New Year price shock for consumers

New Year price shock for consumers

KARACHI: Consumers received the fresh price hike shock on the first day of the New Year in flour and ghee and cooking oil rates.
Flour millers pushed up the rate by Re1 per kg, while a leading ghee and cooking oil packer has again jacked up the rate.

However, consumers will have to bear another wave of price hike in various items in coming days owing to increase in transportation cost after raise in diesel price by Rs4.25 per litre.

The new rate of five kg/litre ghee and cooking oil will be Rs935 as compared to Rs895 earlier in December. In November it was Rs835. Similarly, the 2.5 kg/litre tin will be available at Rs475 as compared to Rs455.
According to General Secretary Karachi Retail Grocers Group (KRGG) Farid Qureishi 16 kg tin is now priced at Rs2,540 as compared to Rs2,500. The one kg pouch of Dalda ghee will be sold at Rs185 as compared to Rs177.

He said a leading flour maker has raised the price of 10 kg flour bag to Rs335 from Rs325.
Chairman Pakistan Flour Mills Association (PFMA), Sindh chairman Mian Mahmood Hassan told Dawn the flour millers raised the 50 kg bag price of maida (super fine atta) by Rs50 and Rs40 on 50 kg bag of flour no.2.5 on Saturday.

He linked the price hike to increase in transportation cost following hike in diesel prices, slowdown in arrival of wheat from the interior Sindh, and increase in power rates etc.
The PFMA chief said that the rate of wheat in open market has risen by Rs20 per 100 kg bag to Rs2,680.
However, he recalled that the rates of various flour varieties had remained stable in 2010 due to availability of 300,000-350,000 tons of imported red wheat.
On Dec 9, the PFMA central office had said Pakistan had wheat stocks of 8.5 million tons. After holding 2.5 million tons in terms of food security the country has now surplus stock of 3.5 million tons. There will be no shortage of wheat.

On the issue of slow arrival of wheat from the interior Sindh, the PFMA and transporters are holding a meeting with Director Food Sindh next week to resolve the issue.
Pakistan Vanaspati Manufacturers Association (PVMA) chairman Shaikh Mohammad Ikram said that 16 kg tin is now priced at Rs2,600 in Punjab as compared to Rs2,550, while it was Rs2,400-2,450 earlier in Dec 2010.
He attributed the price hike to increase in palm oil rate to $1,270 on Friday as compared to $1,235 last week. In October it was $920 per ton.

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