Surging food exports hit local consumers

The export of raw food products consecutively surging for the sixth month in the current fiscal year forcing local consumers to pay higher prices. The food export value more than doubled to $787.36 million in January, up 105.29 per cent from $383.54m in the same month last year, according to data compiled by the Pakistan Bureau of Statistics. The new fiscal year began with negative growth of 7.56pc, but it improved to positive growth of 4.07pc in August, and export proceeds grew further by 60.89pc in September, 59.90pc in October, 60.65pc in November and 111.63pc in December. These unchecked exports drove food inflation to a stunning 27.4pc in January, as prices rose, limiting access to key goods such as wheat flour, rice, sugar, meat, and vegetables. Food inflation has been 29pc on average since October 2023.