LAHORE: The Punjab government has announced significant reductions in the prices of 10kg and 20kg flour bags across the province in response to a market surplus. Punjab’s Minister of Food, Bilal Yasin, confirmed the issuance of a notification detailing these price cuts.
In Lahore, the price of a 20kg flour bag has been reduced by Rs70, bringing it down to Rs1,730 from the previous Rs1,800. In Sheikhupura, the price has decreased by Rs100, now standing at Rs1,640. Similarly, prices have been cut by Rs80 in Jhelum, Chakwal, Pakpattan, and Narowal. In Multan, Sahiwal, Sargodha, and Attock, the reduction is Rs60, while Rawalpindi, Hafizabad, Sialkot, Nankana, and Okara have seen a decrease of Rs50. Prices in Toba Tek Singh, Jhang, Chiniot, Khushab, Bhakkar, Lodhran, Rajanpur, Muzaffargarh, Layyah, and Rahim Yar Khan have been lowered by Rs40. Faisalabad, Gujranwala, Gujrat, Wazirabad, and Mandi Bahauddin have experienced a drop of Rs30, while Bahawalpur, Bahawalnagar, Dera Ghazi Khan, Khanewal, Vehari, and Mianwali have seen a reduction of Rs20.
This price revision follows a decision last month to align flour rates with those of private flour mills. The government had initially set a fixed price for wheat at Rs3,900 per 40 kg to support small and medium farmers who have faced financial difficulties over the past year. Despite this, the government struggled to procure the desired quantity of wheat from farmers, as a significant amount of wheat was imported starting October 2023. The imported wheat has contributed to the current surplus, and the government has indicated that it lacks the capacity to store this excess supply.
The adjustment in flour prices comes amid a broader economic context where the global price acceleration has slowed down, with inflation rates in the US stabilizing around 5.5% as of July 2023. This trend reflects a general easing of price pressures worldwide.
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