Sugar prices hit record high amid rising inflation

KARACHI: The wholesale price of sugar has hit a record high and reached Rs163 per kilogram in Pakistan, ARY News reported.

Wholesale Grocers Association in its statement said that the per kilogram price of sugar has gone up by Rs 6 with a 1-kilogram pack being sold out in the wholesale market at Rs 163.

In retail, the price of the commodity varies between Rs170 to Rs180 per kilogram.

The chairman of the Wholesale Grocers Association Rauf Ibrahim said sugar is not available to wholesalers even at high prices. If the surge continues the sugar prices can go beyond Rs 200 per kg.

Earlier today, the Economic Coordination Committee (ECC) of the federal cabinet decided to impose a ban on sugar exports.

Read more: ECC decides banning sugar exports

The committee decided to ban sugar exports. Prior to this decision, the ECC approved the summary to export 32,000 metric tonnes of sugar in June.

Sources told ARY News that the decision was taken given rising prices of sugar in the country.

The sudden rise in sugar prices has added to the misery of the people who are already bearing the brunt of inflation.

Meanwhile, the short-term inflation, measured by the Sensitive Price Indicator (SPI), continues to rise with a year-on-year increase of 27.57 percent for the week ending on Aug 17, Pakistan Bureau of Statistics (PBS) official data showed.

On a week-on-week basis, the short-term inflation, rose 0.78pc, and shows no signs of slowing down, causing concern for economists and consumers alike.