Titli scare triggers panic buying

Panic buying which led to an artificial scarcity of food items and vegetables in the market has further resulted in price rise of essential commodities.

Published: 11th October 2018 02:31 AM  |   Last Updated: 11th October 2018 11:00 AM   |  A+A-

Image for representational purpose only.

By Express News Service

JAJPUR: Intermittent rains since Wednesday morning under the impact of cyclone Titli triggered panic buying among people across the district. With the cyclone intensifying into a very severe cyclonic storm, people have started preparing for the worst by stocking essential grocery items, vegetables, candles and fuel. On the day, people were seen buying extra provisions and fuel. Long queues were witnessed at petrol pumps to stock up fuel. The demand of kerosene, diesel, candles, matchboxes and torches has also shot up, sources said.

Meanwhile, panic buying has led to an artificial scarcity of food items and vegetables in the market. This has also resulted in price rise of essential commodities.“As people are buying extra provisions in view of the cyclone, some unscrupulous traders are hoarding essential items to take advantage of the situation, thereby creating an artificial shortage. Later, these traders are selling the items at an exorbitant price to the panic-stricken buyers,” said Prasant Kumar, a market analyst.

Items like potatoes, onions, ‘atta’, ‘suji’, flattened rice, sugar, biscuits, matchboxes and candles are being sold at a high price in the market. Similarly, the prices of vegetables like pumpkin, papaya, brinjal and tomatoes  have shot up. On the other hand, farmers in the district are worried over the fate of their standing paddy crops which are nearing the harvesting stage. 

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