Pakistan Inflation: Onion price in Pakistan is 500% more expensive, chicken price has skyrocketed, here is the information about the price of other essential items.

Prices of essential commodities are soaring in Pakistan, with inflation taking a big hit even before it recovers from a crisis caused by massive floods in 2022.

Onions and chicken

PakistanPrices of essential commodities are skyrocketing in 2022, even before recovering from the crisis caused by massive floods. InflationWu gave a big blow. On January 6, 2022, the price of one kg of onion was Rs 36.7 and by January 5, 2023 it will be Rs 220.4. It has increased by 501 percent. Diesel price per cent. 61 per cent increase, petrol price per cent. 48 percent increase. The prices of rice, pulses and wheat have increased by about 50% in one year. The price of one kg of chicken is Rs 385 and Rs. There is an increase of 85.5 percent.

According to the State Bank of Pakistan, inflation in Pakistan was 12.3 percent in 2021 and doubled to 24.5 percent by December 2022. On the other hand, the government of Pakistan has announced that markets, malls and marriage halls will be closed soon to save energy.

Pakistan’s Defense Minister Khawaja Asif informed that markets and malls will be closed at 8:30 pm. Marriage halls are closed at 10:00 PM. 60 billion to us from this move. He told that there will be savings.

Recently, Pakistan has received billions of dollars in flood relief aid. However, the country’s economic situation is in dire straits and may require more financial assistance soon.

Read more: Pakistan Crisis: Sudden rise in wheat prices in Pakistan; Common people who are suffering due to the game of traders

The food inflation rate has almost tripled from 11.7 percent in December 2021 to 32.7 percent in December 2022. And the country is not just facing problems in retail markets. Pakistan’s macroeconomic picture is also grim.

The country’s foreign exchange reserves stood at USD 23.9 billion in December 2021 and declined to just USD 11.4 billion in December 2022. Life in Pakistan is already chaotic as the economy is collapsing. Meanwhile, people are also facing the rise in the price of flour recently. The government has failed to provide basic amenities to the Nagas. People are being urged to use plastic bags to meet their LPG needs.

Why is foreign exchange important?
Foreign exchange helps a country keep the value of its domestic currency at a fixed rate and below the dollar. Also, it maintains liquidity in case of financial crisis and helps the country meet its international financial obligations.

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