Wheat price up by 300pc in 10 years – 01:30 PM –February 04, 2016
The wheat price has registered a sharp increase of more than 300 percent in last ten years from Rs 400 per 40kg to Rs1300 per 40 kg, registering a jump of over Rs2,250/40kg. Presently the wheat rate in Pakistan is highest in the world as staple food is available at Rs 900 per 40 kg in the world market–more than Rs 400 costly as compared to the world market.
Even in the neighbouring country of India the wheat support has been announced at Rs950 per quintal.
According to experts, one of the key reasons for the food-inflation remains the government’s decision to increase the wheat support price by more than 300 per cent in last 10 years that indeed benefited big landowners, but proved a blow for the majority of people, especially belonging to the poor and fixed income groups.
They said that huge rise in wheat support price has increased flour price by mounting speculative pressure on price that has already gotten close to alarming proportion for a majority of population. They said that hike in price has worked as incentive for hoarding, making flour market even more volatile.