Another increase in sugar, flour prices shocks consumers

Already struggling to find ways to pay inflated electricity bills, consumers suffered another shock due to a further hike in the prices of sugar and different varieties of flour. Just two days after the takeover of the new caretaker government, consumers had seen a Rs8 per kg rise in wholesale prices of sugar to Rs153 per kg, thus pushing up the retail rates up to Rs160 per kg and up to Rs170 per kg in online stores. On Saturday, wholesalers further raised the rate by Rs4 per kg to Rs157, thus pushing up retail prices to Rs170 per kg. At online stores, sugar rates are now quoted at Rs172 per kg, while some stores are offering the 500kg pouch at Rs95, which means two bags or one kg would cost Rs190 per kg. In various cities, the average national price of sugar was hovering at Rs155-172 per kg during the week. Commodity exporter/importer, Faisal Anis Majeed, said local sugar is finding way into Afghanistan and Iran through illegal channels, while hoarding and speculation of sweetener is also at its peak to make further windfall. He feared more pressure on sugar prices in the region as India is reported to have imposed a ban on sugar exports on Friday.