Pakistan: Domestic Rice Prices Reach An All Time High

Prices of all varieties of rice in Pakistan have soared to historic high on Wednesday, triggered by sustained demand from hoarders, speculators and profiteers.

Experts feel that higher world market prices are influencing Pakistan's domestic market as exporters are looking to enhance the quantum of exports to maximize their profits.

The Irri-9 price surged by Rs3,000 in the last two days to Rs43,000 PMT. Similarly, D-98 rice, soared by Rs2,000 to Rs52,000 PMT. Irri-6 (coarse rice), which is mostly exported, finished at Rs35,000 PMT. Its price has doubled just in six months from around Rs16, 000 PMT.

Following the global hike in rice prices, many countries have reviewed policies by taking appropriate measures to ensure smooth supply in their domestic markets. India, China, Vietnam, Cambodia and Egypt have restricted rice exports to protect their stocks and curb food inflation.