Pak Rupee has fell to its lowest value against the American Dollar last month but its most severe effects are yet to be faced by the general public. The experts have predicted a new wave of hyper inflation hitting the domestic consumers in the near future,
with the prices of edible times rising to much greater levels.
Although the devaluation trend of Pak Rupee against the Dollar has continued with its prime effect since October 2011, the declining prices in the world commodity markets have saved the local consumers from any rise in the costs of edible items as yet. This
fall in the prices of commodity markets all over the world has cancelled out the adverse affects of Rupee devaluation against Dollar but this barrier will not stand for long.
Any slight rise in the prices of edible items in the world commodity markets will rocket away prices in the domestic markets of Pakistan, something disturbing the importers these days.
Anis Majeed, the Chairman of Karachi Wholesalers Grocers Association, cited that the edible prices have not shown any inclination to rise as yet but the weakening of Pak Rupee will surely have its adverse effects on the local markets once the international
market bounces back to higher prices.
“Coming months would be harsher for the consumers as the world commodity markets started showing rising trend for the last one week,” he said, “The rupee, which stood at Rs86 to a dollar in October 2011, was now trading above Rs90 in the interbank market.”
He further told that prices of pulses have started to crawl up in the international market since the last week and this will certainly have its impact upon prices in the local market.