Sharp drop in purchasing power, rise in cattle prices dampen Eidul Azha spirit

LAHORE: With only five days into the Eid-ul-Azha, activities in Lahore’s cattle markets were sluggish on Friday. Low purchasing power and fear of high prices of sacrificial animals kept buyers away from these markets.

This year the Lahore district administration has set up 11 sacrificial animal markets in different parts of the city, including LDA City (near Sidhar Village at Kahna Kachha, Defence Road), LDA Avenue-One (on Raiwind Road), Pine Avenue Road, NFC Society (near Bahria Town), Raiwind (near Haveli Markaz, opposite Nisar Spring Mills on Sundar Road), Turkey Road (near LWMC dumping point in Lakhodair), Site for IT University (Main Campus) on Barki Road (near Paragon Society), Faqeer Muhammad Dagya Road (near SNGPL Office), Hazrat Usman Ghani Road (near Saggian Road) and Sports Complex at Adda Rakh Chabeel (near Manwan Hospital) and Shahpur Kanjran.

Unlike the past years, the presence of buyers in these markets was low; a combination of exorbitant prices of animals, shrinking purchasing power of people and ongoing heat-wave have discouraged the buyer from visiting the markets.

This year, the demand price of sacrificial animals has doubled from last year. A goat of average size was sold in the range of Rs25,000-30,000 last year. For the same size animal, the sellers are demanding Rs50,000 to Rs60,000. This category of animals always drew buyers from the salaried class.

Prices of a goat/sheep of above average size jumped to around, or average, Rs90,000, and if the animal’s look was outstanding, then add an extra Rs10,000 to Rs20,000. This class of animals is for the elite class only. One goatherd was demanding Rs110,000 for one well-built goat.

The prices of cows also witnessed a significant jump in their prices as compared to last year; the price of an average cow ranges between Rs140,000 and Rs175,000, whereas the same animal was available in the range of Rs90,000/95,000 last year. The sellers were asking above Rs200,000 for a well-built buffalo, depending on its look.

This same factor has deterred people from visiting the markets, hoping that the prices would come down nearer to Eid day. Commuters on public transport were commonly heard saying that there was no point in visiting the cattle markets on a hot day, as the prices of animals were well beyond their range.

Those who did visit the market to buy a sacrificial animal, many were seen leaving empty-handed and disappointed, as the prices of these animals did not fit into their pockets. Usman Zafar, a keen buyer of animals every year, felt the pinch of high prices. “Every year I complained about high prices, but this year it was ridiculous; the prices of all size animals have doubled, and the rush in the markets was very low.

I would wait and see if the prices drop in the coming days, as the current prices were not in my range.”

Another buyer, Abdullah, was seen leaving the market empty-handed, and his face showed displeasure over the prevailing exorbitant prices of animals. He showed anger and said nothing positive can happen in this country. “I am a salaried person, and my income has not seen any increment for the past few years.

Last year, I barely managed to buy an animal, as the prices then were also too high. However, this year, the animals have gone beyond my reach. Even if the prices collapse, I doubt that I would be able to find a goat within my price range; hence I am thinking of opting for collective sacrifice, which was being offered at around Rs25,000 per share this year,” he added.

The sellers admitted that the prices of both small and large animals were extremely high and held current gloomy economic conditions responsible for it.

Rehmatullah, an animal trader hailing from south Punjab, observed that there was no rush in the markets even though Eid was only just a few days away. Although he partially blamed the weather for low activities, he believed that the people’s low purchasing power had kept them away from the market. “A few buyers were seen in the market, but not many were buying animals.

Thousands of animals were available in the market, but due to the exceeding cost of fodder, fuel and other items, the price of animals was too high.

Thus, the situation was beyond their control,” he added.

Junaid, who has come from upper Punjab to sell his animals in Lahore, feared that this year the business would not do well, saying the people do not have the money to fulfil their religious obligation and thus not many buyers were coming to the market. “Yes, the prices of animals were high, but we could not do anything about it.

High fuel prices have made transportation of animals expensive while the cost of rearing animals have also jumped manifold; a combination of these factors has pushed the prices of animals up,” he added.

Copyright Business Recorder, 2023