Move over Atta; egg prices hit 400 rupees per dozen in Pakistan's Lahore, Inflation wreaks havoc once again
By Team Asianet Newsable | First Published Jan 15, 2024, 5:25 PM ISTThe inflation rate in Pakistan stands at an alarming level of 29.66 percent as of December 2023. As a result of that, eggs including many other daily commodities have become a premium. Eggs are being sold at Pakistani Rupee 250 and Chicken at Pakistani Rupee 615 per kg.
Inflation in Pakistan has reached troubling levels causing prices of daily commodities to go above the affordable range of even the middle class. Punjab (Pakistani) capital Lahore has witnessed an astronomical rise in prices of food items as Eggs which are widely used have touched Pakistani Rupees (PKR) 400 per dozen. 1 Indian Rupee is equivalent to 3.35 Pakistani Rupees as of 15th January 2024.
The prices in the vegetable market have also rapidly increased in the last few weeks. Onion is being sold at ₹230-250 per Kg in Lahore. Pakistan’s interim government created a list of basic commodities and fixed certain prices for every basic commodity. According to the list, Onion must be sold at ₹175 per Kg. However, Punjab’s provincial government didn't adopt the central list causing prices to go up.
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Chicken is now being sold at Pakistani Rupee 615 per kg. The alarming inflation in Pakistan is a result of the increasing debt of the state machinery. Pakistan's debt increased to ₹63,339 trillion according to the financial figures in November. The politically volatile country has 40.956 trillion PKR in domestic loans and 22.434 trillion PKR in international loans.
The re-emergence of poverty and unsustainable economic development was already predicted by the World Bank. The primary reason behind such an economic condition of the state is Pakistan elites milking the little money created by the state machinery. Pakistan’s shady deals with China over the promised ‘CPEC’ have hurled the South Asian nation into a large debt trap.
World Bank and the IMF are reluctant to provide any further loans at least until the results of the next Pakistan general elections are clear. Even the Middle Eastern allies have shown little interest in Pakistan’s economic request.
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