Karachi administration fines 104 profiteers

Karachi district administration has fined as many as 104 profiteers in the port city in a crackdown launched to stablise the commodities prices during the Holy Month of Ramazan, ARY News reported.

As per details, the crackdown was carried out in different parts of Karachi on the orders of Sindh CM Murad Ali Shah.

During the action, the Karachi administration fined 104 profiteers Rs809,000.

Commissioner Karachi Saleem Rajput vowed to continue the crackdown against profiteers and warned the shopkeepers to sell the commodities at the government’s fixed rate.

Separately, the inflation reading, measured by the Sensitive Price Indicator (SPI), decelerated to a 22-week low at 1.31% in the week ended March 21, 2024 following a notable drop in prices of tomato and onion.

The easing of inflation compared to the previous week ended a four-week rising streak, which came in the wake of the suspension of onion exports during Ramazan and ahead of the arrival of a new crop next month.

According to data gathered by the Pakistan Bureau of Statistics (PBS), the inflation level came down from the nine-week high of 1.35% recorded in the prior week