The miseries of the common man are not ending soon as inflation in Pakistan is bound to rise in the next years.
After a cursory look comparing current prices with September 2020, the global prices of different commodities have shot up significantly.
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The global price trends in the post-covid world do not paint a good picture of the future for consumers.
The expenses on importing commodities have swelled after the rupee depreciated against US dollar by up to 10% since May 2021.
In May, one dollar was equal to Rs 152.28 but it has now jumped to Rs 169, an all-time high.
Globally, the coal price posed a doubled growth to $153 metric tons compared to the price in 2020.
Similarly, the steel price has moved up by 58% to $897 metric tons and the cotton price has swelled by 46% to $1.04 per pound.
The rate of the commodity that determines fuel prices, which eventually pass the burden to the consumer, has also risen sharply.
The price of crude oil (Wti) has increased by 70% to $68 per barrel while crude oil (Brent) is up by 73% to $71 per barrel.
When this is compared to the domestic prices, the global change is evident in the local market as well.
The fluctuations in international prices of commodities have a direct impact on the local market and trigger the inflation rate in Pakistan.
Hence, controlling inflation appears to be a daunting task for the PTI-led government which has to go in the elections in the next couple of years.