ISLAMABAD: The inflation rate as it has been steadily increasing for six weeks running, increased by 0.48% week over week while reaching 30.16% year over year for the week that concluded on November 24.
The increase was mostly caused by an increase in the cost of staple foods including onions, tomatoes, and lentils.
Pakistan Bureau of Statistics (PBS) alarmed
Based on information made public on Friday by the Pakistan Bureau of Statistics (PBS). According to the Sensitive Price Indicator (SPI), 23 goods had steady prices during the reviewed week, while 19 items had price increases and 9 items had price decreases. The cost of a dozen eggs climbed by Rs21.50, and a kilogram of chicken cost Rs11.60 more.
Record-Breaking inflation of the decade
It should be highlighted that the country’s inflationary trend shattered a decades-long record this year due to a sharp spike in international commodity prices and the rupee’s devaluation.
Furthermore, the government’s decision to eliminate power subsidies under an agreement with the International Monetary Fund (IMF) resulted in a record-breaking inflation rate.