Chicken Prices Skyrocket in Punjab Amid Inflation Surge

Chicken prices in Punjab, Pakistan, have surged by PKR 37 per kilogram, now reaching PKR 421 per kilogram due to increased taxes. This comes amid wider inflation concerns and government measures to address pricing exploitation. The annual inflation rate has climbed to 23.59%, impacting various essential items.

Chicken prices in Punjab, Pakistan, have surged significantly, according to a report by ARY News. Poultry dealers have reported a PKR 37 per kilogram increase, bringing the new rate to PKR 421 per kilogram. Dealers attribute the price hike to increased taxes.

In May, chicken prices had dropped by PKR 39 per kilogram in Lahore, reducing the cost to PKR 416 per kilogram. The poultry association noted a substantial decrease of PKR 259 per kilogram over three weeks. Punjab Chief Minister Maryam Nawaz has pledged action against those inflating chicken prices. She has initiated measures against poultry farmers and traders, including the investigation of stock data to understand the price hike.

Following the introduction of the fiscal year 2024-25 budget, Pakistan has seen a notable rise in inflation, with the weekly inflation rate climbing by 1.28 per cent. The Pakistan Bureau of Statistics (PBS) reports a 23.59 per cent annual inflation rate, noting price increases for 29 essential items over the past week. Significantly, tomato prices soared by 70.77 per cent, flour by 10.57 per cent, powdered milk by 8.90 per cent, diesel by 3.58 per cent, petrol by 2.88 per cent, and LPG by 1.63 per cent.

Earlier reports showed the Consumer Price Index (CPI) inflation at 12.6 per cent year-on-year in June 2024, a decrease from 29.4 per cent in June the previous year. Month-on-month, CPI inflation rose by 0.5 per cent in June 2024, contrasting with a 3.2 per cent decrease the previous month.

Amidst a deep economic crisis, Pakistan's parliament has passed a tax-heavy finance bill for the upcoming fiscal year during ongoing negotiations with the International Monetary Fund (IMF) for a new bailout.

(With inputs from agencies.)