Sugar prices go up in Karachi amid ‘rising inflation’

KARACHI: Sugar prices on Friday hiked to Rs131 per kilo in Karachi as weekly inflation continues to accelerate, crushing salaried class behind, ARY News reported.

According to details, the prices of sweetener has increased by Rs4 per kilo in the wholesale markets, taking the price to Rs131 per kilo in Karachi. The sugar prices witnessed an increase of Rs12 per kilo following Eid-ul-Azha.

In a statement, Rauf Ibrahim – Chairman Wholesale Grocers Association – said that the sugar mafia and hoarders created an ‘artificial shortage’ of sweetener and reduced its supply into the market.

Following Eidul Azha, he said, the commodity’s price – which was at Rs117 per kg – shot up by Rs10. “Now, the prices have been increased again by Rs4 per kilo to reach Rs131,” he added.

The chairman alleged that the commodity was being smuggled to Afghanistan and Iran, calling upon the government to take stern measures to control sugar prices.

The weekly inflation, measured by Sensitive Price Indicator (SPI), witnessed an increase of 0.70 pc to jump to 28.55pc on a year-on-year basis for the week ending on June 6.

During the week, out of 51 items, prices of 24 (47.06 percent) items increased, 10 (19.61 percent) items decreased and 17 (33.33 percent) items remained stable.