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500% increase in onion prices will worsen Pakistani inflation

Soaring prices of tomatoes, potatoes and onions are putting food out of reach in flood-ravaged Pakistan. They are also threatening inflation to hit 30%, which may spur more monetary tightening.

The South Asian nation already reeling from dwindling currency reserves and the fastest inflation in almost five decades faces a food shortage after torrential rains submerged a third of the country and destroyed crops. Eight more districts were added at the weekend to the country’s calamity list of 80 areas hit by floods.

Source: bnnbloomberg.ca


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