Milk prices in Pakistan have surged by over 20% following the implementation of a new tax, making this essential dairy product more expensive than in France, Australia, and several other developed countries.
Ultra-high temperature (UHT) milk now costs 370 rupees ($1.33) per liter in Karachi supermarkets. In comparison, the price is $1.29 in Amsterdam, $1.23 in Paris, and $1.08 in Melbourne, according to Bloomberg data.
The 18% tax on packaged milk, which was previously exempt, was introduced as part of the recent national budget. This new tax has driven up prices for this staple by about 25%, shocking consumers across the nation.
Before this tax, milk prices in Pakistan were comparable to those in developing countries like Vietnam and Nigeria, according to Muhammad Nasir, spokesperson for the local unit of a Dutch dairy producer.
This surge in milk prices is just one aspect of the broader inflationary pressures squeezing the wallets of many in the cash-strapped nation.
Pakistani currency rates against US Dollar and other currencies on July 8, 2024 (Monday) in open market.
US dollar was being quoted at 277.65 for buying and 280.65 for selling on first working day of the week.
Euro's buying rate moves up to 294.3 and selling rate is 297.8 while British Pound rate is 350.5 for buying, and 353.5 for selling.
UAE Dirham AED was at 75.05 and Saudi Riyal increased to 73.40.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.65 | 280.65 |
Euro | EUR | 294.30 | 297.80 |
UK Pound Sterling | GBP | 350.50 | 353.50 |
U.A.E Dirham | AED | 75.05 | 75.85 |
Saudi Riyal | SAR | 73.40 | 74.20 |
Australian Dollar | AUD | 182.25 | 184.00 |
Bahrain Dinar | BHD | 740.12 | 748.12 |
Canadian Dollar | CAD | 202.90 | 204.90 |
China Yuan | CNY | 38.25 | 38.65 |
Danish Krone | DKK | 40.03 | 40.43 |
Hong Kong Dollar | HKD | 35.60 | 35.95 |
Indian Rupee | INR | 3.33 | 3.43 |
Japanese Yen | JPY | 1.90 | 1.98 |
Kuwaiti Dinar | KWD | 907.61 | 916.61 |
Malaysian Ringgit | MYR | 58.89 | 59.69 |
New Zealand Dollar | NZD | 169.24 | 171.24 |
Norwegians Krone | NOK | 26.04 | 26.34 |
Omani Riyal | OMR | 722.87 | 730.89 |
Qatari Riyal | QAR | 76.34 | 77.04 |
Singapore Dollar | SGD | 202.15 | 204.15 |
Swedish Korona | SEK | 26.40 | 26.70 |
Swiss Franc | CHF | 309.11 | 311.61 |
Thai Bhat | THB | 7.57 | 7.72 |
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