According to a media report on Saturday, Pakistan’s annual inflation increased to a new high of 38.42% in the previous week as the pattern of rising costs for necessities persisted.
The increase was caused by the government imposing new taxes and raising petroleum prices in order to meet the International Monetary Fund’s (IMF) demand before releasing $1.1 billion under an already agreed-upon $7 billion deal.
According to the latest data from the Pakistan Bureau of Statistics, the Sensitive Price Index (SPI), which is used to measure short-term inflation, rose to 38.42% year on year (YoY) in the previous week.
During the outgoing week, the prices of 34 items increased, five were reduced, and 12 remained unchanged. The rising prices affected the group the most, with a monthly income ranging from Rs 29,518 to Rs 44,175 and an inflation impact of 39.65%.
