Middle East

Pakistan’s inflation soars again as food prices rise

Islamabad: Recent rises in Pakistan’s food prices have once again boosted inflation, forcing people to face difficulties in the multiple economic challenges facing Pakistan, media reports said.

Inflation rates measured by the Sensitive Price Index (SPI) recorded a 0.08% increase in the week ending January 6, according to data released by the Pakistan Statistics Bureau (PBS). ) Displayed on Friday and the dawn was reported.

SPI-based inflation showed positive growth after last week’s decline. In recent months, the highest weekly inflation surge was recorded last November, rising 1.81 percent.

The overall rise was primarily due to a 5.23% increase in potato prices, followed by chicken 4.45%, bananas 2.56%, onions 2.12%, pulse massol 1.55%, pulsegram 1.46% and pulse mash 1.44%. In non-food products, diesel and salt prices rose 2.75% and gasoline rose 2.68%, respectively, according to Dawn.

This is because Pakistan’s trade deficit has skyrocketed due to increased imports.

The country’s trade deficit surged to US $ 24.79 billion in the first half of the year, primarily due to a 63% year-on-year increase in imports.

Imports surged from US $ 24.47 billion a year ago to US $ 39.91 billion, according to data for the July-December period. In contrast, July-December exports also increased 25% year-on-year to US $ 15.13 billion, Dawn reported.

https://www.siasat.com/pakistans-inflation-surges-again-as-food-prices-rise-2255120/ Pakistan’s inflation soars again as food prices rise

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