Inflation rate
ISLAMABAD: The Pakistan Bureau of Statistics released the latest data, showing a three percent surge in the weekly inflation rate.
Many essential commodities experienced a sharp upward trend in prices in the third week of July 2023.
Economists and policymakers raised concerns as the inflation rate on an annual basis reached a staggering 29.21%.
During the previous week, the prices of 20 essential commodities significantly increased, impacting the daily lives of citizens.
For instance, sugar prices surged from 135 to 160 rupees per kg in different cities. It showed a substantial 19% rise. Similarly, the cost of live broiler chicken surged to an astonishing Rs580 per kg. It amounts to 60% increase from the previous week’s Rs361 per kg.
Other household staples like eggs, tomatoes, chilies, garlic, potatoes, onions, and jaggery faced notable price hikes, squeezing the budgets of consumers.
Utility costs, including electricity and LPG rates, also saw an increase.
Annual impact of inflation
Meanwhile, the annual inflation data appeared more alarming. Some staple commodities experienced triple-digit percentage increases in price over the past year.
Wheat flour witnessed a jaw-dropping price hike of 132%, followed by tea at 98%, rice at 89%, and sugar at 63%.
Moreover, the cost of living became increasingly burdensome due to soaring prices of fruits and vegetables.
For example, potatoes experienced a 62% increase, tomatoes 60%, and jaggery 57% over the past year.
Non-vegetarian items like chicken and red chili also saw a substantial 55% price hike. Meanwhile, other important products like cigarettes and gas charges surged sharply.
NEPRA notifies a record hike in power tariff
Moreover, the NEPRA notified a record hike in tariff, up to Rs7.50 per unit to meet a condition of the IMF and appease the federal government.
NEPRA said that the new tariffs would come into effect from July 1, 2023.
The NEPRA held a public hearing on Monday (July 24), during which it approved the federal government’s application for the tariff hike.
The power ministry sought increase through the “Instant Motion” aligns with NEPRA’s overall revenue requirement.
