Tag: essential food items

  • Rising petrol prices and rupee devaluation push inflation to 47.23% in Pakistan ahead of Eid

    Rising petrol prices and rupee devaluation push inflation to 47.23% in Pakistan ahead of Eid

    According to data released by the Pakistan Bureau of Statistics (PBS), a steep increase in the prices of essential food items such as chicken and petrol has pushed weekly inflation to 47.23 per cent year-on-year for the week ending on April 19. Inflation has risen 0.51 per cent week-on-week, compared to a 0.60 per cent decrease in the previous week.

    The rising inflation has been attributed to the increase in sensitive price indicators such as LPG, potatoes, petrol, tea, gur, matchbox, bread, chicken, bananas, broken basmati rice, and rice irri-6/9. However, a major decrease was observed in the prices of tomatoes, onions, garlic, sugar, wheat flour, mustard oil, cigarettes, and pulse gram.

    For the week under review, the SPI (Sensitive Price Index) was recorded at 251.83 points, against 250.56 points registered last week and 171.05 points recorded during the week ended April 21, 2022. Fahad Rauf, head of research at Ismail Iqbal Securities, said that SPI experienced an increase mainly driven by a 4 per cent and 2 per cent increase in the prices of petrol and chicken, respectively.

    During the week, the government raised petrol prices by Rs10 per litre, bringing the new price to Rs282 per litre, due to the impact of rising international oil prices and rupee devaluation. Chicken prices have also risen mainly due to increased seasonal demand in Ramadan and the arrival of Eid.

    Prices of commodities have risen significantly over the last year on account of devaluation as well as the massive floods that devastated food crops across most of the fertile plains of the country. Different weights are assigned to various commodities in the SPI basket, and prices of commodities have risen on a year-on-year basis. The PBS compiles the SPI by collecting prices of 51 essential items from 50 markets in 17 cities of the country.

    During the week under review, out of 51 items, prices of 29 (56.86 per cent) items increased, eight (15.69 per cent) items decreased, and prices of 14 (27.45 per cent) items remained unchanged. The PBS data attributed the year-on-year rise in SPI to the jump in the prices of goods such as cigarettes, wheat flour, gas charges for Q1, tea, diesel, potatoes, bananas, eggs, petrol, broken basmati rice, rice irri-6/9, pulse moong, and plain bread. However, a decrease was observed in the prices of tomatoes and chilli powder.

  • Dar stresses on providing maximum relief to the underprivileged sector of society

    Dar stresses on providing maximum relief to the underprivileged sector of society

    Minister for Finance and Revenue Ishaq Dar urged the Ministry of Industries and Production on Saturday to develop a comprehensive strategy that would prioritise providing maximum relief to the least endowed sector.

    Dar, who was chairing a meeting to examine the prime minister’s relief package through Utility Stores Corporation (USC), said the current government was aware of the difficulties confronting the underprivileged section of society, which required maximal relief support.

    He went on to say that the government’s primary goal was to help the poor and that it was doing everything it could to help them.

    The meeting was attended by Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM for Finance Tariq Bajwa, SAPM for Revenue Tariq Pasha, Secretary Finance, Secretary Industries and Production, MD USC, and senior authorities.

    The chair was informed about the PM’s relief package and subsidy on five vital products (pulses, wheat, sugar, rice, and ghee) granted by the USC to help the public.

    It was revealed that subsidised flour, sugar, rice, ghee, and pulses were being distributed to the populace across the country. The meeting also considered the financial ramifications of the subsidies.

    The finance minister also met with Federal Communications Minister Asad Mehmood here at the Finance Division.

    Financial SAPM The meeting was attended by Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary Finance, Secretary Communications, Chairman NHA, IG Motorway, and top officers.

    Asad Mehmood informed the finance minister of the financial status of various Communication Ministry agencies, including Motorway Police, Pakistan Post, and NHA.

    He also emphasised the organisations’ contributions to the country’s success and development.

    While acknowledging the contribution of the Ministry of Communication and its affiliated organisations to the country’s economic stability and progress, the finance minister stated that the current government was aware that a well-integrated communication network was critical for the country’s socioeconomic development and financial stability.

    According to APP, Dar also informed the communications minister that he would handle and resolve the concerns of the Communication Ministry’s organisations in order for them to perform better and contribute to Pakistan’s prosperity and development.