Pakistan Economy Crisis: Food shortage in Pakistan, inflation rate crosses 40 percent for the first time in 5 months

Posted on 27th Feb 2023 by rohit kumar

Pakistan Economy Crisis: Every day a new record of inflation is being created in poor Pakistan. At present, the prices of essential commodities are also increasing in Pakistan, which is facing a financial crisis. Let us tell you that the inflation rate in Pakistan increased to 41.54 percent, which was at a high level of 38.42 percent last week.

 

Vegetables and petrol became more expensive

Consumer prices in Pakistan have increased in the past week due to onion, chicken, eggs, rice, cigarettes, and fuel. Explain that for the first time in five months, weekly inflation has crossed 40 percent.

 

According to the Pakistan Bureau of Statistics (PBS), the rate of inflation eased week-on-week, but it remained high due to costlier bananas, chicken, sugar, cooking oil, gas, and cigarettes. Short-term inflation as measured by the Sensitive Price Indicator (SPI) rose to 41.54 percent on a year-on-year basis for the week ended February 23, from 38.42 percent in the previous week.

 

their price is skyrocketing

According to the Dawn report, the prices of onion, chicken, eggs, cigarettes, and fuel have increased the most in Pakistan. Whereas the cost of gas is 108.4 percent (for the lowest income group), cigarette 76.45 percent, banana 6.67 percent, chicken 5.27 percent, sugar 3.37 percent, cooking oil five-liter tin 3.07 percent, vanaspati ghee 2.5 kg pack 2.79 percent, Vanaspati ghee in 1 kg pack has gone up by 2.2 percent, and ready tea by 1.09 percent.

 

What is the Shahbaz government doing?

Shahbaz Sharif's government is taking tough measures under the terms of the IMF, which is likely to further decelerate the economy and increase inflation. According to Dawn news, officials say the lender is still in talks with Islamabad on power sector loans and a possible increase in the policy rate, which currently stands at 17 percent.

 

Let us tell you that there is turmoil in the economy of Pakistan. The need for external financing has increased as foreign exchange reserves have fallen to around US$3 billion, which is barely enough for three weeks of imports.

 

Also Read: UNGA: India lashed out at Pakistan in the United Nations, saying- Pakistan fearlessly gives shelter to terrorists

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