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‘Imported foods to go dearer by 30pc’

Business

May 23, 2019

KARACHI: The prices of imported commodities and food items may increase by 30 percent owing to significant depreciation of the local currency against dollar, industry officials said on Wednesday.

“The country resorts to imports to meet the shortage of basic commodities,” Anees Majeed, patron in chief, Karachi Wholesale and Grocers Association (KWGA), said in a statement.

“Due to a massive decline in the value of rupee during the last week the cost of such imported commodities has increased and it will be passed on to consumers.”

Majeed said due to appreciation in value of dollar the prices of food items especially grains would increase by 30 percent.

“The annual consumption of pulses in the country is around 1.4–1.5 million tons as against a production of 0.5–0.6 million tons,” Majeed said and added that in order to meet the shortfall the country imports pulses from USA, Canada, Australia, China, Russia, Ukrain, Myanmar and Africa.

The office bearers of the Karachi Wholesale and Grocers Association appealed to the Prime Minister to take immediate action to stop the depreciation of the local currency further in order to check the rising prices of imported food products.

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