World

Milk Prices Surge in Karachi Amidst Economic Strain

In Karachi, Pakistan, the prices of milk skyrocketed to PKR 210 per litre following approval from the city’s commissioner. This hike, a result of negotiations with the Dairy Farmers Association, sees a substantial increase of PKR 10 per litre, as reported by ARY News.

Earlier Speculations

Amidst growing concerns over inflation, speculation loomed regarding a potential PKR 50 per litre increase in milk prices. However, the recent decision by the commissioner has implemented a more moderate hike, alleviating some of the anticipated burden on citizens.

Factors Behind the Increase

Mubasher Qadeer Abbasi, president of Dairy Farmers Karachi, shed light on the reasons behind the imminent rise in milk prices. He pointed to the escalating costs of milk production, soaring prices of cattle, and perceived negligence from the government as key contributing factors.

Demand for Prompt Action

Abbasi urged the Karachi Commissioner to swiftly issue a notification aligning milk prices with production costs. He emphasized the urgency of this action and warned that if no announcement is made by May 10, stakeholders may take unilateral measures to adjust prices.

Economic Context

The recent increase in milk prices comes amidst broader economic challenges. The Sensitive Price Indicator (SPI) revealed a one per cent decrease in weekly inflation across consumption groups, offering a nuanced view of economic dynamics in Pakistan.

SPI Insights

The SPI for the week ending May 2 stands at 316.95 points, indicating a slight decline from the previous week’s 320.14 points. However, compared to the same period last year, there has been a significant increase of 24.37 per cent in the SPI for combined consumption groups.

Impact Across Expenditure Groups

For the lowest consumption group, experiencing up to PKR 17,732 in expenditure, there was a notable decrease of 1.09 per cent in the SPI. This decline, reflected in the drop from 309.64 points to 306.26 points, offers insight into the economic realities faced by different segments of society.

The approval of a milk price hike in Karachi reflects broader economic challenges, highlighting the delicate balance between meeting consumer needs and navigating financial constraints.

Also Read: Imran Khan Accuses Pak Chief Justice Isa Of Acting Biased Against His Party: Report

Srishti Verma

Recent Posts

‘In Kabul, A Cat Has More Freedom Than A Woman’: Revisiting Women’s Struggles Under The Taliban

The Taliban’s regime has since imposed over 100 laws restricting women's rights, stripping them of…

6 hours ago

PM Modi’s Gifts: A Glimpse Of India’s Cultural Heritage In Global Diplomacy

These gifts to world leaders reflect the diverse traditions, arts, and crafts of India, emphasizing…

9 hours ago

Dr Rajeshwar Singh Calls For Bold Goals To Make India A Global Power By 2047

Dr Singh stressed the importance of reaching a GDP of $15 trillion by 2047 to…

9 hours ago

Gautam Adani Faces Indictment In US: Legal Expert Vijay Aggarwal Dismisses Immediate Repercussions

Criminal lawyer Vijay Aggarwal weighed in on the charges against Adani. He believes the indictment…

9 hours ago

Adani Group Stocks Recover As Sensex nd Nifty Post Gains

After a major sell-off earlier in the week, Adani Group stocks, led by Ambuja Cements…

11 hours ago

Sensex Soars 1,961 Points, Nifty Gains 557 In Broad-Based Market Rally

A sharp rally in financial stocks and encouraging US labor market data fueled the uptrend.…

11 hours ago