Magazine article Economic Review

Price Situation: (May 2003)

Magazine article Economic Review

Price Situation: (May 2003)

Article excerpt

The wholesale prices of Karachi market showed rise during May followed by reports of slow down in arrivals from the up-country trading centres and an active inter-dealer activity. The prices of foodgrains rose because of arrival of new wheat crop, reports of grain exports to India and some other countries and fall in supply. Rice sector maintained a firm outlook as basmati posted fresh gains. There were also reports of wheat import from the US because of short crop this year.

Sugar price plummeted because of bumper sugar production of 3.7 million tonnes this year with only few thousand tonnes exported. If larger exports do not materialise, the price may remain stable or tumble over the coming weeks.

The prices of chemicals barring formic acid rose or remained unchanged over the month.

The prices of cotton, oil cakes and ghee vanaspati declined. Oilseed sector was without strong demand from the crushers with steady arrival from the interior. This led to decline in prices.

The price of gold shot up as a result of declining value of US dollar leading to higher international price of gold. Another factor is the arrival of marriage season which normally purshes up the gold price.

The price of yarn remained unchanged.

On the whole, the month of May witnessed stable prices barring foodgrain prices due to various factors outlined above.

Karachi Wholesale Prices

                                                              (Rupees)

                                        April          May      (%age)
ITEMS                                30, 2003     31, 2003      Change

GRAINS:

Wheat - Mexi P Bar (100 kg)               795          850         6. … 
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