Pakistan’s weekly inflation rate rises to 3.38 percent after fuel price hike.
Highlight
- Inflation rate in Pakistan as measured by Sensitive Price Index due to rise in petroleum prices
- Data on inflation rate was released by Pakistan Statistics Bureau
- Weekly inflation growth highest since change in base year for measuring SPI
pakistan fuel price hike news update: Due to the rise in petroleum prices, the inflation rate in Pakistan as measured by the Sensitive Price Index (SPI) increased by 3.38 per cent over the previous week. The data was released by the Pakistan Bureau of Statistics (PBS).
According to the Dawn report, the increase in weekly inflation is the highest since the change in the base year for measuring SPI. Former Pakistan Finance Minister Shaukat Tarin blamed the Imran Khan-led Pakistan Tehreek-e-Insaf government’s agreement with the IMF for the hike in prices.
“Despite increase in petrol/diesel prices by Rs 84/115 per litre, 50 pc in electricity/electricity prices, you have not been able to satisfy the IMF. The latest economic survey released by your government validates our strong economic performance. So stop blaming us and improve your government’s performance,” he tweeted.
In another tweet, as Dawn reported, he posted a graph for the basic monthly budget of a four-member family, which increased to around Rs 13,000 from March 31, 2022.
“The hike in petrol/diesel/electricity prices so far has impacted households. Don’t know how they will deal with this and the coming inflation tsunami.”
He further added, “I am worried about how a poor man in Pakistan will survive in this situation.”
Tarin estimated annual inflation to be between 25 pc and 30 pc. Notably, petrol and diesel prices were hiked by Rs 84 and Rs 115 per liter respectively, while electricity rates were hiked by 50 pc.
Know in detail about the inflation of Pakistan:
During the week under review, the year-on-year growth in SPI stood at 27.82 per cent. After the country’s Finance Minister Mifta Ismail announced a hike in fuel prices on Wednesday, saying the move is to reduce the fiscal deficit and revive credit support from the International Monetary Fund (IMF), protests rallies and The strike was carried out in parts. The Sindh government has opposed the hike in fuel prices.
The protesters said that a hike in the price of petrol would only accelerate inflation, making the lives of the lower strata more miserable. Local media in Pakistan reported that the protesters also threatened to intensify the agitation if measures were not taken to control the rising inflation. The prices of high-speed diesel (HSD), petrol, kerosene and light diesel oil (LDO) have seen a massive hike of 83pc, 56pc, 73pc and 68.4pc respectively since May 26.
On Wednesday, Ismail announced that the ex-depot price of high-speed diesel (HSD) has been fixed at PKR 263.31 per liter, a jump of 83 per cent from PKR 144.15 per liter since May 26. Petrol price increased from PKR 209.86 per liter to PKR 233.79, which is 56 percent higher than PKR 149.86 per liter before May 27. The price of kerosene has been fixed at PKR 211.43 per liter, which has jumped 73 percent from PKR since May 26. 118.31 per liter.
Also, the ex-depot price of light diesel oil has been fixed at PKR 207.4 per liter, which is 68.5 percent higher than PKR 125.56 per liter in May. Ever since the Shahbaz Sharif government came to power in Pakistan, daily essentials are getting expensive. A local media report said that the recent hike in petrol prices and electricity rates have become beyond the reach of the common man. The Russo-Ukraine war has also fueled inflation globally, leaving the people of Pakistan in peril.
(with ANI inputs)
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