Weekly inflation rises to 38.4% in cash-strapped Pakistan
The Hindu
The rise came on the back of new taxes imposed and an increase in the petroleum prices by the government to fulfil the IMF demand
The yearly inflation hit a new high of 38.42% in the outgoing week in cash-strapped Pakistan as the trend of the hike in the prices of essential commodities continued to rise, according to a media report on Saturday.
The rise came on the back of new taxes imposed and an increase in the petroleum prices by the government to fulfil the demand of the International Monetary Fund (IMF) before releasing $1.1 billion dollars under an already agreed $7 billion deal.
The Sensitive Price Index (SPI), used to measure short-term inflation, rose to 38.42% on a year-on-year (YoY) basis in the outgoing week, The Express Tribune newspaper reported, quoting the latest data of the Pakistan Bureau of Statistics.
During the outgoing week, the prices of 34 items increased, five were reduced and 12 remained unchanged. The rising prices affected the group with a monthly income from Rs 29,518 to Rs 44,175 the most with an inflation impact of 39.65%.
On a weekly basis, the SPI increased by 2.89% in comparison with the rise of 0.17% in the previous one. In the previous week, the SPI inflation on a yearly basis was recorded at 34.83%.
The increase in the prices is attributed to the hike in fuel prices announced by the government. This, in turn, caused the prices of essential items to jack up.
The SPI is used to gauge the prices of 51 essential items based on a survey of 50 markets in 17 cities in the country.
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