Karachi witnessed a surge in sugar prices on Friday, with rates reaching Rs131 per kilo, adding to the weekly inflationary pressure faced by the salaried class. The prices of the sweetener have increased by Rs4 per kilo in the wholesale markets, following a post-Eid-ul-Azha increase of Rs12 per kilo.
Chairman of the Wholesale Grocers Association, Rauf Ibrahim, stated that the sugar mafia and hoarders were responsible for creating an "artificial shortage” of sugar and manipulating its supply in the market. He further revealed that the commodity’s price, which stood at Rs117 per kg, has now risen by an additional Rs4 per kilo to reach Rs131.
Ibrahim alleged that sugar was being smuggled to Afghanistan and Iran, urging the government to take strict measures to control the soaring prices of sugar.
The weekly inflation, measured by the Sensitive Price Indicator (SPI), has experienced a 0.70% increase, resulting in a year-on-year rise of 28.55% for the week ending June 6. Out of the 51 items monitored, prices of 24 items witnessed an increase, 10 items saw a decrease, and 17 items remained stable during the week.
The continuous surge in sugar prices in Karachi adds to the financial burden on the salaried class, further exacerbating their economic challenges. Efforts are needed to address the artificial shortage and take effective measures to stabilize sugar prices for the benefit of consumers.
