Pakistan’s weekly inflation rate increases by 3.38 per cent after fuel price hike

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Image Source: AP/ REP (FILE).

The weekly inflation rate in Pakistan increased by 3.38% after rising fuel prices.

Peculiarities

  • Due to rising oil prices, the inflation rate measured by the Pakistan Sensitive Price Index in
  • The inflation data was released by the Pakistan Bureau of Statistics.
  • The increase in weekly inflation is the highest since the change in the base year for measuring the SPI.

News of rising fuel prices in Pakistan: Due to rising oil prices, the inflation rate measured by the Sensitive Price Index (SPI) in Pakistan increased by 3.38 percent compared to the previous week. The data was released by the Pakistan Bureau of Statistics (PBS).

The increase in weekly inflation is the highest since the change in the base year for measuring the SPI, according to Dawn. Former Pakistani finance minister Shaukat Tarin blamed the Pakistani government’s Tahreek-e-Insaf, led by Imran Khan, with the IMF for the price increase.

“Despite the Rs 84/115/litre increase in gasoline/diesel prices, 50% increase in electricity/electricity prices, you have not been able to meet the requirements of the IMF. The latest economic review published by your government confirms our strong economic performance, so stop blaming us and improve your government’s actions,” he tweeted.

In another tweet, he posted a graph of the base monthly budget for a family of four, which has risen to nearly Rs 13,000 since March 31, 2022, Dawn reports.

“The increase in petrol/diesel/electricity prices has affected households so far. I don’t know how they will cope with this and the upcoming inflationary tsunami.”

“I am concerned about how the poor in Pakistan will survive in this situation,” he said further.

Taryn forecasts annual inflation to be in the 25 to 30 percent range. Notably, petrol and diesel prices were increased by Rs 84 and Rs 115 per litre, respectively, while electricity tariffs were raised by 50 percent.

Learn more about inflation in Pakistan:

During the reporting week, the increase in SPI on an annualized basis amounted to 27.82%. After the country’s Finance Minister Miftah Ismail on Wednesday announced an increase in fuel prices, saying the move was aimed at reducing the budget deficit and resuming lending support from the International Monetary Fund (IMF), there have been piecemeal protest and dharna rallies. Sindh, outraged by rising fuel prices.

The protesters said that rising gasoline prices would only lead to steeper inflation, making life more miserable for the underclass. The protesters also threatened to escalate the unrest unless steps were taken to curb rising inflation, Pakistani local media reported. Prices for high speed diesel (HSD), gasoline, kerosene and light diesel fuel (LDO) rose by 83%, 56%, 73% and 68.4% respectively since May 26.

Ismail announced on Wednesday that the stock price of high speed diesel (HSD) was fixed at Rs 263.31 per litre, up 83 percent since May 26 from Rs 144.15 per liter. The price of gasoline jumped to 233.79 Pakistani rupees from 209.86 Pakistani rupees per liter, up 56 percent from 149.86 Pakistani rupees per liter through May 27. The price of kerosene was fixed at 211.43 Pakistani rupees per litre, up 73 percent since May 26 compared to Pakistani rupees. 118.31 per litre.

In addition, stock-to-stock light diesel fuel was set at 207.4 Pakistani rupees per litre, up 68.5% from 125.56 Pakistani rupees per liter in May. and have become out of reach for the average person due to the recent spike in gasoline prices and electricity rates, according to a local media report. The war between Russia and Ukraine has also caused inflation on a global level, leaving the people of Pakistan in poverty.

(With caller ID inputs)

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