Sugar, rice prices soar in wholesale markets

With the upcoming fiscal year's budget implementation looming, wholesale markets have begun raising prices.

The price of a 50kg sugar sack rose by Rs300 on Wednesday, and an additional Rs200 increase is expected this week, pushing the retail price of sugar up by Rs10 to Rs190 per kg.

The price of tea leaves reached Rs2,200 per kg, while lentils and rice saw per-bag increases of Rs350 and Rs400, respectively.

Wholesale traders have warned that new prices for all grocery items will be issued within the next ten days due to newly imposed taxes.

They have also reduced the supply of sugar, rice, and lentils by 30 to 40 per cent, causing shortages in stores across the city.

Grocery Merchants Association President Salim Pervez Butt stated that prices of essential items like pulses, sugar, ghee, and rice are rising by Rs100 to Rs200 per bag daily.

Despite payments and orders, wholesalers are failing to meet demand. Rising fuel prices have also made transportation more expensive.

He criticised authorities for targeting small retailers while ignoring large-scale price hikes by wholesalers.

He questioned the early increase in prices, given that new taxes are set to take effect on July 1. Fears are mounting that milkmen, butchers, and bakers will also raise prices of milk, yoghurt, meat, and bread in July due to these tax measures.