Rupee continues to thrash dollar in interbank market,
Weekly inflation surges by 3%, hitting consumers hard,
Karachi_The price of gold per tola across the country skyrocketed once again.
The price of gold per ounce in the international market has reached $1975 after an increase of $3. On the other hand, the price of gold per tola has increased by Rs2600 rupees to settled at Rs224700 in domestic exchange markets including Lahore, Karachi, Islamabad, Peshawar, Quetta, Hyderabad, Sukkur, Faisalabad, Multan, Rawalpindi and other cities.
Meanwhile, the price of 10-grams of 24-Karat gold has increased by Rs2230 to Rs192,644. Additionally, stability was recorded in the prices of silver per tola and 10-grams, both of which remained at the level of 2750 and 2357 rupees respectively.
Earlier,
The US dollar continues its downward spiral after over eight days of a continuous rise and the rupee appears to be gaining strength after reports of China rolling over Pakistan’s $2.4 billion loan for two years.
The American currency lost 59 paisas on Thursday against the rupee and was traded at Rs286.45 in the interbank market. In the open market, the mighty American currency lost Re1 and was traded at Rs291, according to currency dealers.
At the opening of the trading session today, the greenback lost 54 paisas and was traded at Rs286.50. The rescheduling of the $2.4 billion loan from China has had a positive impact on the currency market, as per currency dealers.
While,
The weekly inflation rate soared by three percent during the past week, dealing a heavy blow to consumers and exacerbating economic challenges.
According to the latest data released by the Institute of Statistics, prices of essential commodities saw a sharp upward trend, with several products witnessing alarming price hikes.
On an annual basis, the inflation rate has been recorded at a staggering 29.21%, raising concerns among economists and policymakers.
During the previous week, the prices of 20 essential commodities experienced significant increases, impacting the daily lives of citizens.
Sugar prices, for instance, witnessed a surge from 135 to 160 rupees per kg in different cities, representing a substantial 19% rise. Similarly, the cost of live broiler chicken skyrocketed to an astonishing Rs580 per kg, marking an increase of 60% from the previous week’s Rs361 per kg.
Other household staples that faced upward price pressures during the week included eggs, tomatoes, chillies, garlic, potatoes, onions, and jaggery, all of which experienced notable price hikes, squeezing the budgets of consumers. Additionally, utility costs proved to be no exception, as both electricity and LPG rates also saw increases, leading to mounting concerns about the overall cost of living.
The annual figures are even more alarming, with some staple commodities experiencing triple-digit percentage increases in price over the past year. Wheat flour, a dietary staple for many, witnessed a jaw-dropping price hike of 132%, followed by tea at 98%, rice at 89%, and sugar at 63%.
Moreover, the cost of living has become increasingly burdensome due to soaring prices of fruits and vegetables, with potatoes experiencing a 62% increase, tomatoes 60%, and jaggery 57% over the past year.
Non-vegetarian items like chicken and red chili also saw a substantial 55% price hike, while other lifestyle products like cigarettes and gas charges surged by 110% and 108%, respectively.
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