Weekly inflation rises to 30.16% as price of necessities rise.
The rate of inflation, which has been rising continuously for the sixth consecutive week, rose by 0.48% week-on-week, while the year-on-year inflation hit 30.16% for the week that ended on November 24.
The increase was mostly caused by an increase in the cost of staple foods including onions, tomatoes, and lentils, based on information made public on Friday by the Pakistan Bureau of Statistics (PBS).
During the week under review, the prices, as by the Sensitive Price Indicator (SPI), 19 items increased, nine items decreased while 23 items remained stable.
The price of eggs per dozen jumped by Rs21.50, price of chicken increased by Rs11.60 per kg.
According to the PBS, the price of onion per kg increased by Rs4.48, and one kilogram of sugar went dearer by Rs1.20. Similarly, the prices of potatoes, fresh milk, rice, garlic and beef have also increased.
In terms of year-on-year, a spike of 64.57% and 54.71% was witnessed in the costs of diesel and petrol respectively.
During the last week, which ended on November 17, the short-term inflation, as measured by the SPI had eased slightly to 0.62% week-on-week, dropping from the previous week’s 0.74%. Meanwhile, according to the PBC, the year-on-year increase in weekly inflation had recorded at 28.67%.
It should be mentioned that the country’s inflationary trend broke a record of decades this year as a result of a sharp increase in global commodity prices and the depreciation of the currency.
In addition, a crippling inflation rate resulted from the government’s decision to eliminate electricity subsidies as part of a deal with the International Monetary Fund (IMF).
Similar to how severe floods during the monsoon season destroyed standing crops, a lack of vegetables resulted.
As weekly inflation rises to 30.16%, the government had to abolish import taxes on onions and tomatoes from Afghanistan and Iran due to the sudden increase in the scarcity.
