Cost of living sees big jump in first two days of new set-up

The cost of living has gone up significantly during the first two days of the current interim government as the prices of sugar and steel bar have witnessed sharp spikes. Rising transportation cost due to a jump of Rs20 per litre in diesel rate, the rupee’s depreciation against the dollar and hoarding, have all combined to torment an already hard-pressed consumer. According to sugar dealers, the wholesale rate has jumped by at Rs8 per kg to Rs153 in just two days, pushing the retail price to Rs160 from Rs150-155 per kg. At online shops, the price has shot up to Rs170 from Rs160-165 per kg. Rauf Ibrahim, who heads the Karachi Wholesalers Grocers Association (KWGA), said the new caretaker set-up had started on a “disastrous note” as the petrol shock it delivered soon after its inauguration would be devastating for the end user. “Like the previous government, no writ exists of the caretaker set-up,” he said, adding that speculators and investors had captured the sugar trade. “Hoarders have piled up stocks, but the government seems to be doing nothing.”