June 2, 2023
1 min read

Pakistan sandwiched between Inflation, turmoil

The average price of a 20 kg wheat flour bag more than doubled to around 2,700 PKR in May….reports Asian Lite news

Consumer inflation in Pakistan raced to 38 per cent in May, the highest annual rise in prices on record, driven mainly by skyrocketing costs of food, house rents, electricity and gas bills, and transport, official data revealed.

Non-perishable foods and transport costs climbed more than 50 per cent over May 2022, while average inflation for this fiscal year has reached 29.2 per cent, Dawn news reported citing the data from the Pakistan Bureau of Statistics.

The May reading exceeded the Finance Ministry’s projection of 34-36 per cent for the month and comes as political turmoil continues to roil the country.

Pic credits IANS

Years of financial mismanagement, rupee depreciation and the government’s failure to unlock IMF funding have also played a role in taking annual price hikes to such record highs, Dawn reported.

Official data showed that the average price of a 20 kg wheat flour bag more than doubled to around 2,700 PKR in May compared to the same month a year ago.

The average price of chicken (live) rose by 38.6 per cent to 435 PKR per kg, that of milk by 41 per cent to 170 PKR a litre, and that of eggs by 85 per cent to 280 PKR a dozen.

Pulses and vegetables also became costlier, Dawn reported.

However, monthly inflation — measured by a basket of products and services called the Consumer Price Index (CPI) — is likely to go down from June due to a high-base effect.

It has been rising since mid-2022 after the government took painful measures as part of fiscal adjustments demanded by the International Monetary Fund to unlock stalled funding.

ALSO READ: DIVIDE AND RULE: Pak Army Apes British Tactics to Hold Power

Previous Story

Protest site rubbed off online maps in China

Next Story

Uncovering the Dark Reality of Khalistan Militants in Pakistan

Latest from -Top News

Violence against children hit unprecedented levels

In Somalia, it reported 2,568 violations against 1,992 children.In Nigeria, 2,436 grave violations were reported against 1,037 children The UN kept Israeli forces on its blacklist of countries that violate children’s rights

Iran Threatens ‘Everlasting’ Payback

Araghchi’s strong response followed US President Donald Trump’s announcement late Saturday that the United States had struck the Fordow, Natanz, and Esfahan nuclear sites in a joint operation with Israel….reports Asian Lite

Japan Cancels U.S. Talks

The cancellation also coincides with Japan’s upcoming upper house elections on July 20, which are expected to test Ishiba’s fragile minority coalition Japan has cancelled a planned high-level security meeting with the

IAEA sounds nuclear alarm in Iran

UN nuclear watchdog urges restraint, calls for diplomacy to prevent crisis. The head of the International Atomic Energy Agency (IAEA), Rafael Grossi, has issued a stark warning about the potential nuclear fallout
Go toTop

Don't Miss

IMF Preconditions Challenge Pakistan’s Power Bill Relief

The IMF has demanded the Pakistan government to withdraw the

Another setback for Imran in foreign funding scam

The CEC directed that no part of the report should