On Thursday, traders attributed the escalating onion prices, which have reached Rs 240 per kilogram in local markets, to the export ban imposed by neighbouring India. The price hike leaves consumers, already grappling with inflation, to deal with the economic impact. Retailers are blaming the steep prices on the substantial exports, forcing consumers to pay inflated prices for this essential vegetable.
Sheikh Muhammad Shah Jahan, President of the Wholesale Vegetable Association, expressed concern for consumers affected by these soaring prices. He noted that many individuals, already dealing with inflation, are reducing their onion purchases to manage their daily expenses. He revealed to a private news channel that following India's export ban, Pakistani exporters seized the opportunity, causing a sudden local price jump from Rs120-140 to Rs160-180 due to heavy buying. The prices have since continued to climb due to booming exports.
Despite claims of an onion shortage, Shah Jahan pointed out the abundant onion production this year. He highlighted the unfortunate scenario where citizens are suffering from high prices while the country's foreign exchange needs take priority.
[ Rs 100 = €0.32 ]
Source: dailytimes.com.pk