Karachi’s anti-profiteering drive nets over 100 offenders

KARACHI: Karachi’s district administration has taken strict action against profiteering during the Holy Month of Ramazan, with a total of 104 profiteers facing fines in the port city.

This initiative, aimed at stabilising commodity prices, was launched under the directives of Sindh Chief Minister Murad Ali Shah.

The crackdown unfolded across various areas of Karachi, resulting in fines amounting to Rs809,000 imposed on the identified profiteers by the Karachi administration.

Commissioner Karachi Saleem Rajput has affirmed the administration’s commitment to sustaining this effort against profiteering, cautioning shopkeepers to adhere to the government’s prescribed rates for commodities.

In a separate development, the Sensitive Price Indicator (SPI) has indicated a notable decline, reaching a 22-week low at 1.31 per cent for the week ending March 21, 2024.

This decrease in inflation can be attributed to a significant drop in the prices of essential items like tomatoes and onions.

The downward trend in inflation marks a departure from the four-week consecutive increase observed earlier, a trend influenced by the suspension of onion exports during Ramazan and anticipation surrounding the forthcoming crop expected next month.

Data compiled by the Pakistan Bureau of Statistics (PBS) reveals a decrease from the previous week’s inflation rate of 1.35 per cent, which had reached a nine-week high.

Read next: Scientists warn of soaring food prices as heatwaves intensify worldwide