Spiralling prices keep govt on toes

Opposition submits resolution in provincial assembly against inflation

LAHORE:

A whopping increase in the rates of 24 essential commodities kept the authorities on their toes across the provincial capital as the local administration launched a crackdown against profiteers after Punjab Chief Minister Sardar Usman Buzdar summoned a meeting of the price control committees.

Meanwhile, the opposition has also submitted a resolution in provincial assembly against record increase in commodity prices.

The latest report of the Sensitive Price Indicator (SPI) – issued by the Pakistan Bureau of Statistics – indicates that prices of 24 essential commodities, including sensitive food items, have shown up to over 16% increase during the week ended on October 8. It highlights that an overall increase of 1.24% on week-on-week basis and 11.28% increase on a year-on-year basis in prices of 51 essential commodities.

The SPI report computed on price statistics of 51 essential items from 50 markets in 17 cities of the country indicates that an increase of 1.24% or more is witnessed mainly due to a rise in prices of food items like tomatoes (16.39%), onions (12.78%), eggs (10.78%), chicken (5.34%), wheat flour bag (2.78%), potatoes (2.64%), pulse moong (1.21%) and sugar (1.03%) with the joint impact of 1.16% into the overall SPI for the combined group of 1.24%. The report analyses that the year-on-year trend depicts an increase of 11.28% with prices of most of the items increased, mainly tomatoes (117%), chillies powder (86.31%) and potatoes (64.75%).

Besides inflation, overcharging and profiteering has further aggravated the situation especially for the people in big cities and urban centres. A market survey showed that prices of almost all essential commodities are showing an upward trend, especially chicken meat, eggs and seasonal vegetables.

Speaking to The Express Tribune, a housewife, Naheed Tariq, highlighted that no vegetable was available below Rs100 in the market. “Around Rs30 have been added in chicken rate in just a couple of days. Farm egg price has spiralled to record level ahead of the winter season. “Where is the price control mechanism? What is the writ of the government which promised change to voters at the time of elections?” she questioned.

Another citizen, Muhammad Raheem, complained that neither shopkeepers nor street vendors have displayed price lists. “Despite the fact,” he pointed out, “Punjab is the largest wheat producer in the country and considered as the food basket of Pakistan, in reality, people of Punjab are facing difficulty in buying wheat flour.” Meanwhile, reacting to the public complaints and opposition’s criticism, the government launched a crackdown against profiteers in the metropolis. The Lahore deputy commissioner, on Monday, was witnessed visiting markets and commercial areas to check prices and availability of essential commodities. The price control magistrates imposed Rs119,000 worth of fines on shopkeepers for not displaying rate lists. At least 27 greengrocers were arrested during raids.

The local administration also held a meeting with the representatives of the Muttahida Naan and Roti Association to buy time for availability of wheat flour at the government notified rates. A representative of the body told The Express Tribune that the government has committed to ensuring the availability of wheat flour at a controlled price in markets till October 20 as imported wheat stock will hit markets during this time.

“If the government fails to keep its promise naan and roti markers would be compelled to increase the rates. We have agreed to delay an increase in naan and roti rates till October 20 following the government’s assurance,” he highlighted.

Published in The Express Tribune, October 13^th, 2020.