Inflation Hits Annual Record High of 42.60 Percent
Published on: December 22, 2023.
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Inflation Reaches Annual High of 42.60 Percent
December 22, 2023
Inflation in Pakistan has reached an annual high of 42.60 percent, according to the Pakistan Bureau of Statistics (PBS). Although there was a slight decrease of 0.51 percent in the weekly inflation, the overall trend remains concerning. The weekly inflation, measured by the Sensitive Price Indicator (SPI), was recorded at 310.00 points for the combined consumption groups, compared to 311.58 points in the previous week.
The SPI, which covers 17 urban centers and 51 essential items for all expenditure groups, saw a significant increase of 42.60 percent in the combined consumption group compared to the corresponding week of the previous year. This indicates a substantial rise in prices for essential goods and services.
While there was a decrease in prices for some items on a week-on-week basis, such as potatoes, petrol, and diesel, several other items experienced an increase in their average prices. Eggs, firewood, onions, and various pulses were among the items that witnessed an increase in prices.
On a year-on-year basis, some items saw a decrease in prices, including onions, mustard oil, and certain sizes of vegetable ghee. However, there was a significant increase in the average prices of several commodities, including gas charges, cigarettes, chilies powder, wheat flour, and rice.
The rise in inflation has significant implications for the economy and the general public. As prices continue to soar, it becomes increasingly important for consumers to find affordable alternatives and make informed purchasing decisions.
To combat rising prices, it is essential for Pakistan to focus on enhancing its agricultural sector and promoting exports, particularly in the rice industry. Pakistan is known for its high-quality rice, and there are several rice suppliers and exporters in the country, such as HAS Rice, which can help meet the global demand for rice.
With websites like HAS Rice and Pakistan Rice, consumers can easily access information about rice exporters, rice suppliers, and the prices of different rice varieties. These platforms provide a convenient way for individuals and businesses to connect with reliable rice exporters from Pakistan. Furthermore, they offer a comprehensive range of rice products, including the popular IRRI 6 rice and Basmati rice.
By supporting the rice business in Pakistan and promoting rice export from the country, it is possible to strengthen the economy and maintain a steady supply of affordable rice for both local and international markets. Additionally, promoting sustainable farming practices and investing in modern rice mills can further enhance the productivity and competitiveness of the rice industry in Pakistan.
It is crucial for Pakistan to address the issue of inflation and take proactive measures to stabilize prices, promote fair competition, and support industries that can contribute to economic growth. By focusing on sectors like agriculture and implementing effective policies, Pakistan can overcome the challenges posed by inflation and ensure a prosperous future for its citizens.
Source: [24NewsHD TV](https://24newshd.tv)
