The short-term inflation in Pakistan has reached a new high for the third week in a row. This is because the price of petroleum products has increased, making things more expensive. The cost of oil has gone up, which has led to higher prices for transportation and moving goods. The price of petrol has increased by 8.51% and diesel by 5.54% in the past week.
Pakistan has been relying on imports from Afghanistan to meet the local demand for essential vegetables. However, the prices of tomatoes and some vegetables have decreased after the reopening of the Torkham border.
Out of the 51 items in the inflation calculation, 22 have increased in price, 11 have decreased, and 18 have remained unchanged compared to the previous week. Some of the items that have seen the largest price increases compared to last year include electricity charges, gas charges, cigarettes, and various food items.
The price of chicken, garlic, onions, shirting, and matchboxes have seen the biggest rise in price in the past week.
Factors such as the depreciation of the rupee, rising petrol prices, sales tax, and electricity bills contribute to this inflationary trend. The International Monetary Fund (IMF) expects the average Consumer Price Index (CPI) for the current fiscal year to be 25.9% higher than the previous year.
There have also been some decreases in prices week-on-week, including tomatoes, sugar, bananas, and potatoes.
This article was published in Dawn newspaper on September 23, 2023.
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