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Print Print 2023-04-13

World Bank recognises grim spectre of food price rise

  • Says food prices have been increasing for 11 consecutive months
Published April 13, 2023

ISLAMABAD: Food prices in Pakistan have been increasing for 11 consecutive months, eroding the purchasing power of households by as much as 38 percent, says the World Bank.

The bank in its latest, “Food Security Update”, stated that the consumer price inflation for food items in Pakistan was 47.2 per cent in March 2023 on a year-on-year basis – the highest in South Asia after Sri Lanka with 47.6 per cent.

However, the data suggests that the CPI is declining in Sri Lanka for the last several months while it is on the rise in Pakistan. In Sri Lanka, CPI was 49 percent in February and came down to 47.6 percent, however in Pakistan, it increased from 45.1 percent to 47.2 percent.

World food prices down by a fifth on 2022: UN

The bank stated that in Pakistan, the World Food Programme (WFP) Market Monitor Report reports year-on-year CPI food inflation of 43 percent in January 2023, with wide differences between commodities such as onions (228 percent), wheat flour (121 percent), bananas (90 per cent), rice (81 per cent), eggs (80 per cent), pulses (57-69 per cent), and potatoes (57 per cent). Food prices have been increasing for 11 consecutive months, eroding the purchasing power of households by as much as 38 per cent.

The Pakistani approved a wheat procurement target of 1.80 million tonnes at a uniform procurement price of 3,900 rupees ($15) per 40 kg in February to stabilize the wheat market in the face of increases in regional demand, limited carry-forward stocks, and high domestic wheat prices.

In response to the 2022 International Wheat Tender, 200,000 tonnes of wheat from Russia entered and is being stored in Pakistan Agricultural Storage and Services Corporation Ltd storage centers.

The report further noted that domestic wheat prices followed global prices movements closely in the European Union and United States, whereas domestic prices in China, India, and Pakistan experienced much less volatility and response to world prices.

Copyright Business Recorder, 2023

Comments

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Tulukan Mairandi Apr 13, 2023 08:04am
Everything is grim. Living in Pakistan is a nightmare. Food prices are out of control. The security situation is ghastly that feel so terrified always. Default is on the horizon. Banks are about to collapse. And the politics is plain scary with a bunch of crooks versus a narcissistic hatemonger. That's why our people are washed up on the shores of other countries.
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Jay Apr 13, 2023 09:03am
@Tulukan Mairandi, A typical Indian mindset!
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Muhammad Ali Apr 13, 2023 09:47am
The rich countries traditionally supported illegal rulers in Pakistan who snatched away right to breath in clean air & have access to safe drinking water even but were very strict at their home to maintain transparency & ensuring basic human rights. These illegal rulers had transferred trillions of $ to those rich countries as reward for their services. Future is bleak here since mafia clutches spread right from root to top.
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Sajjad Apr 13, 2023 12:16pm
Hy
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M.Sajjadp Apr 13, 2023 12:17pm
Assalamu alaikum mera naam Sajjad hai main chhota sa karobar karna chahta hun
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M.Sajjadp Apr 13, 2023 12:17pm
@Jay,
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