Pakistan experiences 43% surge in short-term inflation
Pakistan’s annual short-term inflation surged by 43.16 percent in the week ending on December 14, according to data released by the Pakistan Bureau of Statistics. This rise in inflation was primarily driven by an increase in prices of pulses, rice, and vegetables.
The weekly inflation has remained above 41 percent for the fifth consecutive week, with gas prices and electricity tariffs being higher than the previous year. This significant jump in prices has put a strain on consumer purchasing power, highlighting the financial difficulties faced by households.
Looking at the annual price changes, the cost of gas charges for Q1 increased by 1108.59 percent, while cigarettes saw a rise of 93.22 percent. Other notable increases include chillies powder (81.74 percent), wheat flour (81.40 percent), garlic (71.17 percent), rice basmati broken (64.30 percent), rice IRRI-6/9 (60.64 percent), gents sponge chappal (58.05 percent), gents sandal (53.37 percent), sugar (50.52 percent), gur (50.42 percent), and pulse mash (44.80 percent).
However, there were a few items that experienced a decrease in prices. Onions saw a decrease of 25.11 percent year-on-year, followed by mustard oil (4.40 percent), vegetable ghee 1kg (2.12 percent), bananas (1.05 percent), and vegetable ghee 2.5kg (0.95 percent).
The short-term inflation is measured using the Sensitive Price Index (SPI), which tracks the prices of a basket of goods and services. The SPI for this week stood at 311.58, slightly lower than the previous week’s figure of 311.78.
This rise in inflation poses challenges for the Pakistani economy and its citizens. To navigate this, it becomes essential to explore alternatives such as importing rice from reliable and cost-effective sources like rice exporters from Pakistan. By collaborating with reliable rice suppliers in Pakistan, the country can access high-quality rice at competitive prices.
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