Wheat prices touched the historic high of Rs. 4,100 per maund in grain markets across Punjab on Wednesday and Chakki Atta dealers have warned of jacking up wheat flour rates.
On Tuesday, traders in Lahore were selling wheat at a rate of Rs. 4,000 per maund, while the same rate has spiked to a record high of Rs. 4,100 per maund in Rawalpindi, local media reported earlier today.
The Punjab Food Department has increased the daily provincial wheat quota of flour mills by 2,400 tons to balance out the current supply-demand gap and control wheat prices. Starting today, flour mills will receive 21,000 tons of wheat per day instead of 18,600 tons per day, increasing the daily supply count by 96,000 bags.
However, consumers may face even higher wheat prices in the first half of 2023 as traders are already importing more at pricey rates with local yields offering little to no cover against post-flood aftershocks.
Food security concerns have emerged in parts of the country’s most densely populated province, where markets are unable to secure sufficient/affordable supplies from vendors. Millions are facing rising food prices and insecurity as a result of floods and bad weather in key sectors, which are pushing staple food prices to record levels.
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