Due to the increase in petroleum prices, the inflation rate measured by the Sensitive Price Index (SPI) in Pakistan increased by 3.38 percent in comparison to the previous week.
The data was released by the Pakistan Bureau of Statistics (PBS). The increase in weekly inflation is the highest since the change in the base year for measuring the SPI, the Dawn reported.
Pakistan's former finance minister, Shaukat Tarin, blamed the Imran Khan-led Pakistan Tahreek-i-Insaf government's agreement with the IMF for the price hike.
Despite increasing petrol/diesel prices by Rs84-115 per litre and power/electricity prices by 50pc, 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 the performance of your government," he tweeted.
In another tweet, he posted a graph of the basic monthly budget of a four-member family, which rose to nearly Rs13,000 since March 31, 2022, the Dawn reported. "The petrol
/diesel/electricity price increase so far has impacted households." I don't know how they will cope with this and the forthcoming inflation tsunami. " He further said, "I
am worried about how a poor man in Pakistan will survive in this situation."
Tarin projected that annual inflation would be in the range of 25pc to 30pc.
Notably, the prices of petrol and diesel were raised by Rs84 and Rs115 per litre, respectively, while electricity tariffs were raised by 50 p.c.
During the week under review, the year-on-year increase in SPI was 27.82pc.
After the country's Finance Minister Miftah Ismail made the announcement to increase fuel prices on Wednesday, saying that the move was to reduce the fiscal deficit and revive loan support from the International Monetary Fund (IMF), protest rallies and dharnas were carried out in parts of Sindh, resenting the hike in fuel prices.
Protesters claimed that raising gasoline prices would only lead to higher inflation, making the lives of the poor even more difficult. The protestors also threatened to intensify the stir if measures were not taken to control this spiraling inflation, Pakistan's vernacular media reported.
The prices of high-speed diesel (HSD), petrol, kerosene, and light diesel oil (LDO) have gone up by a massive 83pc, 56pc, 73pc, and 68.4pc, respectively, since May 26.
Ismail announced on Wednesday that the ex-depot price of high-speed diesel (HSD) has been fixed at PKR 263.31 per litre, up 83 percent from PKR 144.15 per litre on May 26.
The price of petrol jumped to PKR 233.79 from PKR 209.86 per litre, increasing by 56 per cent from PKR 149.86 per litre before May 27.
Kerosene is now priced at PKR 211.43 per litre, up 73 percent from PKR 118.31 per litre on May 26.
Also, the ex-depot price of light diesel oil has been set at PKR 207.4 per litre, an increase of 68.5 per cent from PKR 125.56 per litre in May.
Since the Shehbaz Sharif government came to power in Pakistan, the daily essentials are getting costly and have become out of the reach of the common man due to recent hikes in petrol prices and power tariffs, a local media report stated. The Russia-Ukraine war has also fuelled inflation at the global level, leaving the people of Pakistan in misery.
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