Weekly inflation in Pak rises by 1.35%
Pakistan is going to request the IMF for a USD 6-8 billion fresh loan program. It has experienced a massive 1.35 per cent increase in weekly inflation, marking a significant economic development just two weeks after the new government was formed, ARY News reported on Friday citing Sensitive Price Indicator (SPI).
This rapid rise in weekly inflation has pushed the annual inflation rate to an alarming level of 32.89 per cent, reflecting mounting pressure on the country’s economy.
Data released by the statistics department reveals that prices of 18 essential items have surged, while 14 items have witnessed a decrease. Additionally, the prices of 23 products have remained unchanged, as per ARY News.
The price hikes have been particularly pronounced in key commodities such as tomatoes, bananas, eggs, and garlic, as the holy month started in the country.
According to ARY News, tomatoes have seen a staggering increase of up to Pakistani Rupees (PKR) 30 per kilogram, while bananas now cost PKR 34 per dozen, and eggs have soared to PKR19 per dozen.
Moreover, domestic LPG cylinder prices have reached PKR 146.71, adding to the financial burden on households. Garlic prices have risen by PKR 22 per kilogram, and mutton prices have surged by PKR 31 per kilogram.
The escalating costs have also impacted basic food items like beef, chicken, cooking oil, and flour, with beef prices rising to PKR 14 per kilogram and chicken prices increasing by PKR 6 per kilogram.
Meanwhile, Pakistan decided to hold talks with the international lender about the last tranche of USD 1.1 billion under the SBA program, according to ARY News.
During the negotiations, Pakistan would also simultaneously request a fresh deal under the 36-month Extended Fund Facility (EFF).
