Pakistan's inflation rate seems to be skyrocketing once again as the country's second-largest city Lahore has been selling goods at an unimaginable cost. While the Islamic country is awaiting for elections, costs of general goods like eggs, Chicken, etc have skyrocketed in Pakistan Punjab's provincial capital of Lahore. As per Pakistani media reports, Lahore inflation has been witnessed because the local administration has failed to enforce the government rate list as the prices of most commodities are skyrocketing.
As per reports, onions are being sold for between 230 and 250 PKR per kg against the government's fixed rate of PKR 175 per kg. Furthermore, the price per dozen eggs has reached PKR 400 in Lahore, while the chicken is being sold at PKR 615 per kg there. Notably, last month, the Economic Coordination Committee (ECC) directed the National Price Monitoring Committee (NPMC) to continue regular coordination with the provincial governments for measures to ensure price stability and to check hoarding and profiteering.
Talking about Pakistan's inflation reason, the cash-strapped country is breathing in debt. Interestingly, debt is also the reason why the common Pakistanis are choking by inflation. As per reports, the total debt burden on Pakistan has risen to a whopping 63,399 trillion Pakistani Rupees (PKR) by the end of November last year in the financial year 2023-24. Pakistan's total debt increased by over 12.430 trillion PKR during the tenure of the PDM and the caretaker government. The overall debt burden amped up to PKR 63.390 trillion including PKR 40.956 trillion in domestic loans and PKR 22.434 trillion in international loans.
Recently, a World Bank report stated that Pakistan's economic development is limited to the elite which resulted in the country lagging behind its fellow countries in the wake of the economic crisis in Pakistan.