Economic Crisis In Pakistan: Petrol, LPG And Vegetable Prices Continue To Soar

Already dealing with a worsening economic crisis, soaring food prices in neighbouring Pakistan has pushed its inflation rate to about 50 per cent high. The inflation in the country has broken its previous records as its CPI inflation touched 31.5 per cent in February. The Pakistan Bureau of Statistics (PBS) data indicated the inflation rate in the country in February has sky-rocketed to the highest annual rate since available data from July 1965. It is also said that with the economic crisis, the rates of food and petrol will increase in the coming months.

Let’s take a look at the current prices of goods, LPG and petrol in the cash-strapped country. According to whatisprice.pk site, the price of flour, rice and petrol have increased by two times. Compared to last year, the price of flour has increased from PKR 65 per kg to PKR 140-160 per kg. The rice was available at the cost of PKR 114 which has now being sold at PKR 350 per kg. The rate of petrol currently stands at PKR 280 per litre.

As per reports by ARY News in April, the LPG price was increased to Pakistani Rupees (PKR) 10 per kilogram. The new price of LPG has been fixed at PKR 229.

The price of sugar has also increased from PKR 87 to PKR 120. Vegetables like potatoes, onions and tomatoes are being bought at the cost of PKR 80, 70 and 97 respectively. The cost of edible oil stands at PKR 500 per litre while the milk is being sold at PKR 180 per litre.

The Pakistani rupee is now said to be one of the worst-performing currencies globally this year and so far it has depreciated by 20 per cent against the dollar.

On Wednesday, the rupee tumbled some 2 per cent to a fresh record low of 290 to the dollar. The country’s international bonds, already in deeply distressed territory of as little as 32 cents, dropped more than 1 cent in the dollar on the day.