Inflation Woes: The Soaring Costs of Living
A very sad to say that my country is financially and economically struggling. A very bad decision from the caretaker prime minister which they announce to increase the price of petrol per litre with about 30 PKR.
Today, the current price of petrol per liter is 300 which hits the triple century for the first time in the history of Pakistan. This is how the bad days are started here and civilians and citizens are financially struggling.
The inflation is continue to rise and all the commodities are rising as the price of US dollar is increasing. This is the harsh time for all of us where are getting 1KG of rice in Rs350 which is more than 1US dollar.
Today the history of crisis has been made and nothing here is cheap now. Breads and Nan prices are increased by another 50% which is now one bread is equal to 60PKR.
What are the main causes of these rising inflation? There are many thing to discuss but one of the main thing that has impact on the prices in Pakistan is the rate of USD against PKR.
The PKR value is falling from the last month against PKR and now 1USD is equal to 328PKR. This is the first time US dollars have increased against PKR in this manner and that is one of the solid reason of the high inflation and economic uncertainties.
The increase in the price of USD also led increase in the price of USDT which has made difficult for the crypto investors to invest in cryptocurrency. This has made difficult for the new users to buy USDT at such expensive rate.
I am remember that I bought 1USDT=170PKR but now if you see to the price chart you will get 1USDT=328PKR which is almost double. New crypto investors who wants to join crypto industry will think twice and thrice about the USDT price.
The Impact of Rising Inflation and a Weakening PKR
If I talk about myself I will never buy USDT at such higher price because I dont know when the price will settle back and that is clear loss for the buyer. This is really a challenging time for the Pakistanis in the current situation.
From one side inflation has increased the tension of the citizens where goods and products are at its highest level and from the other side you cant even invest in those markets which has the potential to help and support you.
These are the challenges for Pakistani ministers and other meaningful caretakers to face. They will face tough time to implement reforms and strategies that can lead to greater economic stability and financial relief for the people.
But according to my thinking not only government are responsible for all such challenges but a collective effort is required. Citizens, officers, businesses and the government must work collectively to beat all these challenges and bring economic stability in the country.
What to do you people think US dollars have impact on country's development and economic stability? Do you think during these hard situations citizens must corporate with government? Will be glad to see your answers in the comment section.
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