Moong and grams prices were sharply higher on the wholesale grain and seed market on Wednesday, dealers said. On the cereal side, moong from Punjab went up sharply, gaining Rs 500 to Rs 10250 due to damage to millions of farm and agriculture products, including commodities because of high floods. The second major factor is rising demand in the month of Ramazan, they said.
Commenting on the increase in the prices and short supply of commodity items during the month of Ramazan, some experts said that rates of all essentials, including food items have already went up and purchasing power is also coming down among the people.
To control the unprecedented rise in the prices, causing higher inflation, the State Bank of Pakistan (SBP) raised the interest rate, in response to move, the Pak rupee stood firm versus dollar, but prices are still on upward march, they said.
At the present flood situation fruits and vegetable prices are looking for new destinations because in the absence of check and balance, no one knows where the prices will stay at a certain level, they said. On the same sector, wheat old Burdana (with bag) quoted at Rs 2400-2425 and new type was registered at Rs 2415-2440. Gur best type gained by Rs 400 to Rs 8000 while the low type was unchanged at Rs 7400, they said.
On the grams counter, gram 50x50 was higher by Rs 150 to Rs 5150-5350, Gram dal 50x50 rose by Rs 300 to Rs 6500 and Rs 6700. Yellow peas Canada was up by Rs 100 to Rs 3900-4050 and yellow peas Canada dal gained Rs 150 to Rs 4400-4550, they said. On the seed side, rapeseeds Nawabshah and Mirpurlane quoted at Rs 1875-1900, other items retained the overnight levels, they said.