ISLAMABAD: Local wheat price for the domestic consumers has increased by almost 29 per cent during the last six months from Rs2,409/40kg to Rs3,096.72/40kg in September 2022, according to the sources in the Ministry of National Food Security.
Sources said that the Ministry of National Food Security and Research’s proposal prepared for the Economic Coordination Committee (ECC) with regard to the minimum support price (MSP) noted its impact on the CPI for urban areas.
The MSP of wheat Rs2,500 on CPI-urban would increase 10kg bag to Rs842.87 and consequently, the price of fine quality wheat flour per kg to Rs105.21 and average quality to Rs66.90. The MSP of Rs3,000 per 40kg would increase the price of 10kg bag to Rs967.67 and fine quality wheat flour to Rs117.71 per kg and average quality to Rs99.40.
Wheat support price of Rs3,500 per 40kg would increase the price of 10kg bag to Rs1,092.87 and fine quality per kg flour price to Rs130.21 and average quality to Rs111.90.
ECC likely to approve minimum support price of wheat on Monday
Support price of Rs4,000 would increase the 10kg bag to Rs1,217.87 and fine quality price to Rs142.71 and average quality to Rs124.40. The meeting was informed that the price of local wheat of 40kg bag for domestic consumers was increased from Rs2,409 in April 2022 to Rs2,511 in May.
In the subsequent month of June, the price of local wheat for domestic consumers was increased to Rs2,732.20, showing an increase of Rs221, followed by Rs2,940.74/40kg in July 2022 after registering an increase of Rs208.56.
Price of local wheat for domestic consumers was increased to Rs2,970.28 per 40kg in August 2022 from Rs2,840.75 and Rs3096.72 in September 2022. The ECC, however, delayed approval of the wheat support price for 2022-23 Rabi crop as it was informed that the impact of Rs2,500.40 support price would contribute to 0.48 per cent to the inflation and Rs3,000 MSP to 1.27 percent and MSP Rs3,500 would contribute to consumer price index 2.06 per cent and Rs4,000 would contribute to increase in the CPI to Rs2.86 percent.
Copyright Business Recorder, 2022
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