Weekly inflation jumps to 42.3%

ISLAMABAD: The weekly inflation, measured by Sensitive Price Indicator (SPI), witnessed an increase of 1.37 per cent to jump to 42.27pc on a year-on-year basis for the week ended on March 10, a report issued by the Pakistan Bureau of Statistics (PBS).

The week-on-week inflation is up by 1.37pc. Of the 51 items tracked, the prices of 29 items increased, eight items decreased, whereas those of 14 items remained stable. The price of tomatoes increased by Rs5.46/kg, and potatoes’ price shoots up by Rs5.10/kg. Opinion price witnessed raise of Rs12.32/kg during the last week. The sugar rate also increased by Rs5.35/kg, according to the PBS report.

Furthermore, flour, ghee, milk, pulses, beef, tea, salt and other commodities prices also recorded a surge. However, it also noted a decrease in the prices of chicken, eggs, and some pulses. The upward trend of inflation continues as Islamabad takes measures to get the $1.1 billion IMF tranche under the Extended Fund Facility (EFF).

The federal government had also approved a ‘mini-budget’, imposing additional Rs170 billion taxes to boost revenue generation in line with the preconditions of the IMF.

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