Global Rice News

In a recent report by Dawn, it was revealed that short-term inflation in Pakistan has increased by 29.88% year on year for the week ending on November 2. This rise in prices can be attributed to the increasing costs of kitchen products. The weekly inflation, measured by the Sensitive Price Index (SPI), also saw a 0.71% increase on a week-on-week basis. It is worth noting that the SPI rate had been steadily increasing over the past five weeks, but last week saw a deceleration.

Despite hopes for a significant reduction in petrol and high-speed diesel prices, the Pakistan caretaker government has chosen to maintain the current prices for the current fortnight, disappointing consumers. The Oil and Gas Regulatory Authority (Ogra) had recommended a decline in fuel prices, but the interim government decided to keep them at high levels.

Out of the 51 items in the SPI basket, 12 saw an increase in prices, while 14 experienced a decrease. The prices of 25 items remained unchanged compared to the previous week. Notably, the items that saw the largest price increases compared to the same week last year were gas charges for Q1 (108.38%), cigarettes (94.46%), chillies powder (84.11%), rice basmati broken (78.08%), wheat flour (76.51%), sugar (62.60%), rice Irri-6/9 (62.27%), gents sponge chappal (58.05%), tea Lipton (55.79%), garlic (54.51%), and gur (53.53%).

In terms of week-on-week fluctuations, the prices of tomatoes (25.58%), onions (25.25%), chicken (10.79%), potatoes (1.61%), tea Lipton (1.58%), eggs (1.30%), garlic (0.50%), rice basmati broken (0.19%), georgette (0.28%), and firewood (0.05%) recorded the biggest increases.

Factors contributing to this inflationary trend include the depreciation of the rupee, rising petrol prices, sales tax, gas bills, and electricity bills.

However, it’s not just short-term inflation that is a concern for Pakistan. The World Bank has issued a warning, stating that the country is at a tipping point when it comes to poverty. According to The Financial Post, 40% of Pakistan’s population is currently below the poverty line. The Bank’s policy note serves as a guide for the new government that will be elected soon, providing recommendations for policy reforms. Disturbingly, over 12.5 million Pakistanis fell below the poverty line last year, with poverty levels rising from 34.2% to 39.4%.

In conclusion, Pakistan is facing significant challenges in terms of rising inflation and increasing poverty levels. It is crucial for the government to address these issues through effective policy reforms and measures. For more information on rice exporters and suppliers from Pakistan, please visit [https://www.hasrice.com] and [https://www.pakistanrice.com].

Source: [https://www.businessworld.in]