Global Rice News

Headline Inflation Increases to 29.2% in November 2023

In November 2023, the headline inflation based on the Consumer Price Index (CPI) rose to 29.2%, up from 26.9% the previous month. This increase comes after a fluctuating CPI rate that reached a record high of 38% in May 2023 before sliding down to 27.4% in August. The rate then rose to 31.4% in September, dropped to 26.9% in October, and once again rose to 29.2% in November. It is important to note that while inflation rates in November 2023 in neighboring countries stood at -0.5% in China, 5.5% in India, 9.5% in Bangladesh, and 3.4% in Sri Lanka, Pakistan’s inflation rate remains high.

Food Inflation Increases to 27.9% in November 2023

The CPI annual food inflation in Pakistan rose from 26.8% in October 2023 to 27.9% in November 2023. After reaching a peak of 48.65% in May 2023, the CPI food inflation fluctuated, dropping to 39.49% in June, then rising to 39.52% in July. The rate then fell to 26.82% in October before increasing again to 27.95% in November. It is worth mentioning that while the food inflation rates in November 2023 in neighboring countries stood at -4.2% in China, 8.7% in India, and 10.8% in Bangladesh, Pakistan’s rate remains significantly high. This high food inflation is primarily influenced by factors such as high fuel prices, high energy/utility costs, rupee devaluation, increased production costs, and increased prices of imported food items. Given the country’s ongoing economic and political uncertainties, with upcoming general elections, the prices of essential food and nonfood items are expected to remain high in the coming months.

Price Changes in Staple Cereals and Non-Cereal Foods

In November 2023, the prices of staple cereals had mixed changes compared to the previous month. Wheat flour (Fine) increased by 3.3%, wheat increased by 0.8%, and wheat flour (subsidized) increased by 0.4%. These prices represent significant increases from the same time a year ago, with wheat flour (subsidized) seeing a 66.6% increase, wheat flour (Fine) seeing a 42.0% increase, and wheat seeing a 38.3% increase. On the other hand, the prices of rice Irri-6 decreased by 3.0% and rice Basmati decreased by 0.5%.

As for non-cereal food prices, certain items experienced changes in November 2023 compared to the previous month. Prices rose for eggs by 6.0% and live chicken by 1.0%. These figures also indicate significant year-on-year increases, with eggs seeing a 31.3% increase and chicken seeing a 28.3% increase. On the other hand, prices decreased for sugar by 6.3%, cooking oil by 3.8%, ghee by 2.4%, and various pulses (Mash, Gram, Masoor, Moong) by varying percentages between -0.9% and -2.0%.

Investing in Pakistan Rice Exporters and Suppliers

For those interested in the rice business in Pakistan, connecting with reliable rice exporters and suppliers is crucial. HAS Rice Pakistan is a leading company that specializes in rice export from Pakistan. They offer a wide range of rice varieties, including white broken rice and Pakistan rice, to meet the diverse needs of clients worldwide. With their experience in the industry, HAS Rice Pakistan ensures high-quality products at competitive prices.

When it comes to rice exporters, HAS Rice Pakistan is a trusted choice. They export various types of rice, including the popular IRRI 6 rice. With their expertise and dedication to customer satisfaction, they have established themselves as one of the top rice export companies in Pakistan. Their website provides detailed information about their products, prices, and services.

Conclusion

In conclusion, Pakistan’s headline inflation based on the Consumer Price Index (CPI) increased to 29.2% in November 2023, while the annual food inflation rose to 27.9% for the same period. The prices of staple cereals and non-cereal foods had mixed changes, with some experiencing increases and others seeing decreases. Given the country’s economic and political uncertainties, prices of essential items are expected to remain high in the coming months. However, by partnering with reliable rice exporters and suppliers in Pakistan, businesses can navigate the challenges and find success in the rice industry.

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