Pakistan Inflation Skyrockets To 47%! What Are Most Costly Items?

Islamabad: The economic crisis in Pakistan continues to worsen, and common people are feeling the pinch.

Inflation, based on sensitive price indicator (SPI), has been recorded at a staggering 47% year on year in the week ending on March 22, according to the Pakistan Bureau of Statistics (PBS).

Of the 51 items tracked, prices of onions (up by 228.28%), cigarettes (165.88%), wheat flour (120.66%) went through the roof.

Gas charges rose by 108.38%, Lipton Tea 94.60%, diesel 102.84%, bananas 89.84%, petrol 81.17% and eggs by 79.56%.

The Pakistan government is desperately seeking an International Monetary Fund (IMF) loan, with Islamabad negotiating an agreement for a $1.1 billion loan.

Reuters quoted an IMF official as saying that that the loan agreement will be signed once the proposed fuel-pricing scheme is settled.

Pakistan’s Petroleum minister Musadik Malik said that the government has been given six weeks to work out the fuel-pricing plan.

Pakistan PM Shehbaz Sharif had earlier announced that affluent customers will be charged more for fuel and that money will be used to subsidise prices for the poor.

With the public struggling to afford basic items, provincial governments announced plans to distribute flour bags during Ramzan. But there were reports of stampedes from different parts of the country, Express Tribune reported.