In inflation-hit Pakistan, one dozen eggs now cost …

NEW DELHI: The price of eggs in inflation-hit Pakistan‘s provincial capital of Lahore has skyrocketed to 400 Pakistani Rupees (PKR) per dozen, according to market sources cited by ARY News.
The steep increase in prices comes as the local administration failed to enforce the government rate list, leading to soaring prices for various commodities.
Onions, for instance, are being sold between 230 and 250 PKR per kg, while the government-fixed rate is PKR 175 per kg.
Additionally, chicken is being sold at PKR 615 per kg in Lahore.
These inflationary trends have prompted the Economic Coordination Committee (ECC) to direct the National Price Monitoring Committee (NPMC) to coordinate with provincial governments to ensure price stability and tackle hoarding and profiteering, the report said.
The unreasonably high prices come at a time when Pakistan is grappling with soaring inflation and an alarming debt burden, which has reached 63,399 trillion PKR by the end of November in the financial year 2023-24.
During the tenure of the Pakistan Democratic Movement (PDM) and the caretaker government, the country’s debt increased by over 12.430 trillion PKR. The overall debt burden comprises 40.956 trillion PKR in domestic loans and 22.434 trillion PKR in international loans.
A recent report by the World Bank highlighted the limited economic development in Pakistan, which primarily benefits the elite and leaves the country lagging behind its peers.
The report, as stated by Pak Vernacular Media, noted that Pakistan’s economic model has become “ineffective” and highlighted the reemergence of poverty and the unsustainability of economic development.
World Bank Country Director for Pakistan, Najy Benhassine, emphasized the need for policy changes to address these issues.
The current situation in Lahore with soaring egg prices and the overall debt burden on Pakistan paints a concerning picture for the country’s economy. Efforts are being made to stabilize prices and address economic disparities, but there is a pressing need for sustainable solutions to ensure the well-being of the population.
(With inputs from ANI)
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