Govt will ban export of onions to control price
ISLAMABAD: The interim federal government of Pakistan has opted to impose restrictions on the export of onions, citing a sustained increase in prices.
To discourage onion exports, the interim government has mandated advance payments and set a minimum export price for the commodity.
These measures aim to avert an anticipated shortage of onions and prevent further escalation in their prices. In response to rising inflation, which reached 43.16% in the week ending on December 14, the government has taken these steps to address the economic challenges posed by soaring costs of essential items such as pulses, rice, and vegetables.
The inflation surge has persisted for five consecutive weeks, primarily fueled by elevated gas prices and electricity tariffs compared to the previous year.
On an annual basis, significant price increases were recorded for various items, including gas charges, cigarettes, chillies powder, wheat flour, garlic, and certain types of rice. Conversely, the prices of onions decreased by 25.11% year-on-year, along with declines in mustard oil, vegetable ghee (1kg and 2.5kg), bananas, and other items.
The weekly price index, composed of 51 items surveyed across 50 markets in 17 cities, indicated fluctuations in the prices of essential commodities. Of the items tracked, 19 experienced price increases, 10 saw decreases, and 22 remained stable compared to the previous week.
Notable week-on-week increases included sugar, pulse gram, eggs, rice, and various pulses, while potatoes, tomatoes, Lipton tea, chicken, and certain edible oils witnessed the most significant decreases in prices.
Source Link :- https://www.bolnews.com/latest/2023/12/govt-will-ban-export-of-onions-to-control-price/
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