KARACHI: Weekly inflation rose 1.37 percent week-on-week and 42.27 percent year-on-year for the week ended March 9, at a 25-week high on an annualized basis, as the pre-Ramadan weather worsened. Prices of commodities started to rise.
According to the data released by the Pakistan Bureau of Statistics (PBS) on Friday, the increase in the sensitive price index (SPI) was attributed to tomato (12.43 percent), potato (11.37 percent), onion (9.26 percent), There is an increase in the prices of sugar (5.48 percent). Banana (5.31%), cooking oil 5 liters (4.27%), wheat flour (4.06%), vegetable ghee 2.5 kg (4.01%), printed lawn (2.00%), curd (1.89%), fresh milk (1.82 %, tea (1.79%), shirting (1.45%), broken basmati rice (1.24%) and powdered salt (1.21%).
On the other hand, the prices of chicken (6.73%), garlic (2.07%), dal mung (0.83%), egg (0.77%), dal masoor (0.50%), LPG (0.26%) were significantly reduced. ), firewood (0.12%) and lentil gram (0.05%).
For the week under review, SPI was recorded at 243.87 points as against 240.57 points registered last week and 171.41 points was recorded during the week ended March 10, 2022.
This is the highest weekly annual number since September 8, 2022, brokerage Arif Habib Limited said on its official Twitter handle.
The Sensitive Price Index (SPI) for the week ended 09-Mar-2023 recorded an increase of 42.27% YoY (Highest weekly YoY number since 8-Sep-2022) and 1.37% on WoW basis. @PBSofficialpak @StateBank_Pak #PBS #Inflation #Pakistan #Economy #AHL pic.twitter.com/GASS0Dajis
— Arif Habib Limited (@ArifHabibLtd) March 10, 2023
In Pakistan on September 8, 2022, wheat flour prices recorded an annual increase of 42.70% due to an all-time high following massive floods in the fertile plains of Punjab and Sindh.
According to PBS data, the year-on-year increase in SPI was attributed to onions (305.23%), cigarettes (165.86%), gas (108.38%), diesel (93.82%), eggs (78.63%) for the first quarter. , has declared the rise in rice prices. Ari-6/9 (78.14%), Petrol (77.89%), Broken Basmati Rice (77.27%), Banana (74.01%), Moong Dal (72.54%), Tea (66.31%), Dal Mash (56.02%) , gram dal (55.97%), and roti (55.36%).
As inflation has skyrocketed in the past few years, Pakistanis, especially those in the lower and middle income groups, are struggling to make ends meet.
Sticky inflation numbers along with the stalled International Monetary Fund (IMF) program also prompted the State Bank of Pakistan (SBP) to hike its benchmark interest rate by 300 basis points to a 26-year high. brought to the surface. Pakistan is desperately trying to convince the IMF for $1.1 billion in critical funding. Inflation fears have prompted the central bank to raise its interest rate by 10 percent from January 2022.
Analysts expect widespread poverty to be the result of the government’s recent decisions to appease the IMF for a modest $1.1 billion bailout tranche, while businesses have also faced fiscal tightening. However, the default has not been ruled out.
17,732 for groups spending up to Rs. 17,733-22,888 rupees; 22,889-29,517 rupees; 29,518-44,175 rupees; and above Rs.44,175; YoY SPI increased by 39.09, 40.98, 41.79, 42.53, and 44.14% respectively.
