Financial Risk Manager

Despite different announcements by the government the prices of commodities keep rising all the time. Unchecked price hike is particularly visible at three occasions; before and during Ramadan, before and after annual budget and in between whenever prices of Petrol go up.

All nation and economies around the world respect their national and religious festive celebrations and reduce prices, announce clearance sales and help every one to make purchases. Pre Christmas sale is one of the best examples. Contrary to this spirit, we face unchecked price increase before and during Ramadan and before sacred occasion of Eid-ul-Fitr. “The present situation indicates that rulers are not consumer friendly as they are backing hoarders, investors, capitalists besides working on the agenda of IMF and WB,” says PRM President Dr Aasim Sajjad, “sugar crisis was witnessed widely and the government pledged to deal with hoarders with iron hands but now situation was out of control” he added.

Market scouting shows that fruits and vegetable prices at the advent of the Holy month of Ramadan went spiraling high by 80/100 percent. More than 25 daily commodities like sugar, rice, pulses, chicken, beef, mutton, vegetables and fruits have shot up in local markets.

Wholesalers and retailers, particularly of fruits and vegetables are enjoying a free hand to fleece the consumers in Holy month despite of all the official claims. The price of Flour is already raised by 5 to 8 Rupees per Kg. Dates are available from 100 Rs to 150 Rs a Kilo while Chicken is being sold at around 240-260 Rs. Besan is regularly used in Ramadan for making Pakoras for Iftar and its price now days is around 58 to 64 Rs a Kilo. Yogurt is being sold at 64 to 68 Rs while a liter of milk costs 45 to 58 Rs (show a discrepancy for fresh and tetra packs). Sugar prices have broken all the previous records and it has been sold at 54 to 64 Rs per Kg. There are reports about shortage of these commodities also. Utility Stores are unable to supply the desired amount of commodities and unavailability of products is causing nuisance. Despite of being honest and helpful at least in Holy month the retailers exploit the needs of public in Ramadan. Even the lower middle class person tries to eat nutritious fruits daily but how can they afford such prices?

The main commodities which showed an increase in their prices in July 2009 over June 2009 include Potatoes (29.33%), tomatoes (28.39%), eggs (20.37%), vegetables (17.32%), mash (14.59%), chicken (9.83%), moong (8.87%), gram whole(6.94%), onions (6.93%), gur (4.91%), masoor (4.48%), gram split (3.25%), fresh fruits (3.08%), food prepared/preserved(3.02%), oil cakes (2.91%), wheat flour (2.50%), tea (2.46%), meat (1.86%), sugar refined (1.72%), wheat (1.69%), rice (1.42%), beans (1.33%) and besan (1.06%). {X-Posted from Light Within}