Inflation surges to 42.27pc in Pakistan amid IMF delay

Sensitive Price Indicator recorded a rise of 1.37% until March 9

ISLAMABAD (Dunya News) – Amid spiraling up food prices, the weekly inflation rate in Pakistan surged to 42.27 per cent – highest weekly YoY number since September last – on an annual basis during the outgoing week as the cash-strapped country implemented conditions laid forth by the International Monetary Fund (IMF) to revive a stalled loan programme.

According to the Pakistan Bureau of Statistics (PBS), the weekly inflation measured by Sensitive Price Indicator (SPI) recorded a rise of 1.37% until March 9, with major increase observed in the prices of food items.

SPI is computed on weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country. SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

The major price escalation on a weekly basis was witnessed as tomatoes recorded a hike of 12.43%, potatoes 11.37%, onions 9.26%, Sugar 5.48%, bananas (5.31%), cooking Oil 5 litre 4.27%, wheat flour 4.06%, vegetable ghee 2.5 Kg 4.01%, milk fresh 1.82%, and rice basmati broken 1.24%.

“On the other hand, decrease was observed in the prices of Chicken (6.73%), Garlic (2.07%), Pulse Moong (0.83%), Eggs (0.77%), Pulse Masoor (0.50%), LPG (0.26%), Fire wood (0.12%) and Pulse Gram (0.05%),” read the PBS report. “During the week, out of 51 items, prices of 29 (56.86%) items increased, eight (15.69%) items decreased and 14 (27.45%) items remained stable.”

On the annual basis, the prices of onions increased by 305.23%, cigarettes 165.86%, gas charges for Q1 108.38%, diesel 93.82%, eggs 78.63%, rice Irri-6/9 78.14%, petrol 77.89%, rice basmati broken 77.27%, bananas 74.01%, pulse Moong 72.54%, tea Lipton 66.31%, Pulse Mash 56.02%, pulse Gram 55.97% and bread 55.36%, while decrease was observed in the prices of tomatoes 41.79%, chillies powdered 7.42% and electricity charges for Q1 6.64%.