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Prices keep soaring as inflation rockets to 21-month high in Pakistan

11:28 AM | 1 Dec, 2021
Prices keep soaring as inflation rockets to 21-month high in Pakistan

ISLAMABAD – Prices of basic commodities have skyrocketed as November inflation in Pakistan rises to 11.5 percent – a 21-month high.

Reports in local media said the inflation rises to 11.5 percent in November 2021 – the fastest pace in 21 months – in wake of the PTI government’s stern decisions along with currency depreciation, which makes food, electricity, and transport too expensive to be afforded by an average person.

The Monthly Review on Price Indices released by the Ministry of Planning, Development & Special Initiatives and Pakistan Bureau of Statistics (PBS) shows that consumer inflation in the South Asian country accelerated at a fast pace in November due to rising prices as the Consumer Price Index (CPI) had last peaked in February 2020 – it was then recorded at 12.40percent.

The rising prices earlier declined after surging, mainly driven by a drop in prices of agricultural products while the trend is reversing now on the back of a rise in the prices of petroleum products.

The latest figure was also up from 9.2 percent the previous month as the Imran Khan-led government continues its struggle against inflation. This takes 5MFY22 average inflation to 9.32 percent YoY compared to 8.76 percent in 5MFY21, per reports.

Meanwhile, the officials have also admitted that rising inflation and external sector pressure were major challenges the PTI government was facing.

The sharp rise in prices of basic commodities compelled the government employees to stage a sit-in in front of parliament as workers demanded an increase in their salaries to offset the impact of soaring prices.

Islamabad had been in talks with the global money lender for several months to seek relaxation in the terms and conditions of the package.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 20 Feb 2024

Pakistani currency remained largely stable against US dollar and other currencies in the open market on February 20, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.05 for buying and 282.1 for selling.

On Tuesday, Euro stands at 301 for buying and 304 for selling while British Pound rate stands at 352.4 for buying, and 355.4 for selling.

UAE Dirham AED hovers at 76.55 whereas the Saudi Riyal saw slight increase, with new rates at 74.2.

Today’s currency exchange rates in Pakistan - 20 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.05 282.1
Euro EUR 301 304
UK Pound Sterling GBP 352.4 355.4
U.A.E Dirham AED 76.55 77.25
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 180 182
Bahrain Dinar BHD 743.12 751.12
Canadian Dollar CAD 206.5 208.5
China Yuan CNY 38.84 39.24
Danish Krone DKK 40.24 40.64
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.48 3.59
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 906.33 915.33
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 170.1 172.1
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.75 733.75
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 207
Swedish Korona SEK 26.85 27.15
Swiss Franc CHF 315.64 318.14
Thai Bhat THB 7.93 8.08

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