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

Rising food prices in neighboring Pakistan, which is already grappling with a worsening economic crisis, has pushed its inflation rate to a high of nearly 50 percent. Inflation in the country has broken its previous records as its CPI inflation touched 31.5 per cent in February. Data from the Pakistan Bureau of Statistics (PBS) indicated that in February the inflation rate in the country reached the highest annual rate since July 1965 with data available. 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 the whatisprice.pk site, the prices of flour, rice and petrol have increased up to two times. Compared to last year, the price of flour has increased from 65 Pakistani rupees per kg to 140-160 rupees per kg. Rice, which was available at a price of 114 Pakistani rupees, is now being sold at 350 rupees per kg. Petrol rate is currently PKR 280 per litre.

In April, the price of LPG was increased by Pakistani Rupee (PKR) 10 per kg, as reported by ARY News. The new price of cooking gas has been fixed at 229 Pakistani rupees.

The price of sugar has also increased from 87 Pakistani rupees to 120 rupees. Vegetables like potato, onion and tomato are being bought at Rs 80, 70 and 97 respectively. Edible oil is priced at PKR 500 per liter while 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 has depreciated 20 per cent against the dollar so far.

On Wednesday, the rupee fell 2 per cent to a new record low of 290 against the dollar. The country’s international bonds, already in deep distress territory at 32 cents, fell more than 1 cent to the dollar on the day.