Fall in rupee value causing the surge
The devaluation of the rupee has forced traders to limit imports, which will eventually cause a rise in the price of imported items by 35 to 40%. But it won’t just be imported products that become more expensive; the price of local commodities is going to rise too.
This means that your imported cereal, jams, shampoos and body washes will all become more expensive.
The Karachi Wholesale Grocers Association’s (KWGA) patron-in-chief, Anis Majeed said that almost 50% of items are being imported, which includes daal (lentils).
Commodities with duties on them will become even more expensive, he told SAMAA TV’s on its show Naya Din on Monday. “There is 45% duty on milk powder, so we can expect that its price would rise more than other commodities,” Majeed added.
With the increase in the prices of petroleum and electricity, there will be a surge in the price of local products, the patron-in-chief said.
People can expect that their grocery shopping will cost 30% more in the coming months, he said. “If you spent Rs10,000 on groceries, you would now spend Rs13,000,” Majeed added. Moreover, the cost of transportation has caused the cost of vegetables and fruits to rise.
The dollar touched Rs150 in the open market on Friday. This is its highest-ever rate against the rupee.