Pakistan: Pakistan’s short term inflation skyrocketed to 29.21 per cent for the week ending on July 26, following the surge in electricity and Liquefied Petroleum Gas prices (LPG), as per the official data, Dawn reported.
The Sensitive Price Index (SPI) in Pakistan reported a week-on-week inflation rise of 3.73 per cent, marking the highest increase in the past two months.
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According to a Pakistan-based daily, electricity charges soared by 20.98 per cent, while LPG prices increased by 4.12 per cent during the period under review.
Out of the 51 items in the SPI basket, 20 goods witnessed a significant price surge, while prices of seven items dropped, and 24 items remained unchanged compared to the previous week.
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Items such as powdered chillies, tomatoes, eggs, LPG, garlic, onion, gur, and potatoes recorded the biggest rise in prices on a week-on-week basis.
Various factors contribute to the rising inflation in Pakistan, including the depreciation of the rupee, soaring petrol prices, increase in sales tax, and higher electricity bills.
The government is implementing strict measures to generate revenue and bridge the fiscal deficit. These actions include increasing fuel prices, raising power tariffs, withdrawing subsidies, adopting a market-based exchange rate, and imposing higher taxation.
However, these measures may result in slow economic growth and higher inflation in the coming months, as reported by Dawn.
