Tag: price fluctuations

  • Pakistan’s weekly inflation reaches lowest point at 28.6% since October 2022

    Pakistan’s weekly inflation reaches lowest point at 28.6% since October 2022

    The Sensitive Price Indicator (SPI) recorded a weekly inflation increase of 0.70 per cent, reaching 28.55 per cent on a year-on-year basis for the week ending June 6.

    This represents the lowest rate since October 20, 2022, when SPI inflation stood at 27.1 per cent. Furthermore, short-term inflation surged to an all-time high of 48.35 per cent for the period ending on May 4.

    During the week, a total of 51 items were monitored, and their price movements were analysed. Out of these items, 24 (47.06 per cent) experienced price increases, 10 (19.61 per cent) witnessed price decreases, and 17 (33.33 per cent) remained stable.

    This table showcases the items that recorded either an increase or decrease in their average prices during the specified week:

    Item Increase/Decrease
    Tomatoes Increase (42.25%)
    Onions Increase (8.70%)
    Potatoes Increase (4.79%)
    Wheat flour bag 20 kg Increase (4.05%)
    Gur Increase (4.01%)
    Sugar Increase (3.48%)
    Shirting Increase (3.02%)
    Hi-speed diesel Increase (2.95%)
    Garlic Increase (1.90%)
    Matchbox each Increase (1.66%)
    Curd Increase (1.43%)
    Pulse mash Increase (1.29%)
    Fresh milk Increase (1.20%)
    Rice irri-6/9 Increase (0.74%)
    Rice basmati broken Increase (0.67%)
    Mustard oil Increase (0.59%)
    Prepared tea Increase (0.56%)
    Long cloth 57″ Gul Ahmed/Al Karam Increase (0.51%)
    Mutton Increase (0.40%)
    Beef with bone Increase (0.39%)
    Toilet soap Increase (0.24%)
    Powdered milk Nido 390 gm polybag each Increase (0.13%)
    Georgette Increase (0.08%)
    Cooked daal Increase (0.04%)
    Bananas Decrease (7.51%)
    Chicken Decrease (2.80%)
    Eggs Decrease (1.17%)
    LPG Decrease (0.96%)
    Vegetable ghee Dalda/Habib 2.5 kg tin each Decrease (0.74%)
    Cooking oil Dalda or other similar brands, 5L Decrease (0.72%)
    Vegetable ghee Dalda/Habib or other superior quality, 1 kg pouch each Decrease (0.81%)
    Pulse masoor Decrease (0.47%)
    Pulse moong Decrease (0.31%)
    Pulse gram Decrease (0.24%)
  • Russian crude oil shipment faces delay, expected to reach Pakistan on June 11

    Russian crude oil shipment faces delay, expected to reach Pakistan on June 11

    In a recent development, a Russian cargo vessel carrying 100,000 tonnes of crude oil has experienced delays and is now expected to reach the Omani port of Duqm on June 7. This delay has caused a setback in Pakistan’s plans as the oil was initially scheduled to arrive in Oman on May 27-28.

    According to an official, the crude oil will be transported to Pakistan via smaller ships from the Omani port, which will take approximately two weeks to reach Port Qasim in Karachi. The Russian vessel, loaded with Ural crude on April 21 at a Russian port, encountered a delay of 10 days due to technical issues. Subsequently, it arrived at Egypt’s Suez Canal on May 17, where it faced a lengthy 12-day wait in a queue to cross the canal.

    Following its journey across the Red Sea, the vessel is anticipated to reach Duqm on Tuesday. Upon arrival, the crude oil will be unloaded onto a smaller vessel with a capacity of 50,000 tons. This smaller vessel is expected to reach Port Qasim on June 11. The remaining 50,000 tons of Russian crude will be transported separately and is scheduled to arrive at Port Qasim on June 20.

    According to The News, authorities have assured the safe and smooth arrival of the Russian crude, despite the logistical challenges that caused the delay. The official stated that the transportation cost has already been settled with the Russians, so the delay will not result in additional expenses. However, there is a concern that if the price of crude oil decreases during this period, it could have detrimental effects on the country.

    Pakistan Refinery Limited (PRL) has been entrusted with the responsibility of refining the test cargo of Russian crude oil. PRL will blend this oil with crude imported from the United Arab Emirates and Saudi Aramco. The test cargo will provide valuable data to the government regarding the quality, yields, and commercial viability of the Russian oil. Additionally, it will assist the government in assessing transportation costs, refining expenses, and refining margins for the country’s refineries.

    The government is eagerly awaiting PRL’s test report, which will aid in making informed decisions about future oil imports and refining processes.

  • Gold price in Pakistan is currently Rs5,000 higher than global market rate

    Gold price in Pakistan is currently Rs5,000 higher than global market rate

    The price of gold continued to increase in Pakistan on Monday, following the gains of last week. According to the All Pakistan Sarafa Gems and Jewellers Association, the rate of 24-carat gold rose by Rs2,000 per tola and Rs1,714 per 10 grammes, settling at Rs237,300 and Rs203,446, respectively.

    In the international market, the gold rate declined by $5, reaching $1,972 per ounce. Throughout last week, the rate of gold experienced fluctuations in both the domestic and international markets, amidst uncertainty surrounding the raising of the US debt limit.

    If the US debt limit, which is currently capped at $31.4 trillion, is not raised, it could trigger the first-ever US default.

    According to Geo, recent volatility in the domestic gold market can be attributed to various factors, including economic and political turmoil, high inflation, and currency depreciation. In such times, people tend to prefer buying yellow metal as a safe investment and a hedge.

    On May 10, the safe-haven bullion reached an all-time high of Rs240,000 per tola, driven by increased political uncertainty following the arrest of Imran Khan, the Chairman of Pakistan Tehreek-e-Insaf (PTI). However, it subsequently dropped in line with the decline in the international rate.

    Pakistan’s gold price peaks above global market levels

    The jewellers’ body also highlighted that local gold in Pakistan is currently overpriced by Rs5,000 per tola compared to the Dubai bullion market. Consequently, the Pakistani gold market is presently more expensive than the world market.

    Data shared by the association revealed a significant jump in the price of silver, with an increase of Rs50 per tola and Rs42.87 per 10 grammes, settling at Rs2,900 and Rs2,486.28, respectively.

  • Weekly inflation in Pakistan remains stubbornly high at 45.72%

    Weekly inflation in Pakistan remains stubbornly high at 45.72%

    Despite coming down marginally, weekly inflation remains above 45 per cent and stood at 45.72 per cent on a year-on-year (YoY) basis for the week ended on 18th May 2023, showed data released by the Pakistan Bureau of Statistics (PSB) on Friday.

    The Sensitive Price Indicator (SPI) based inflation for the week ended 11th May 2023, recorded a decrease of 0.16 per cent over the previous week due to a decrease in the prices of food and non-food items.

    The year-on-year trend posted an increase due to an increase in the prices of Cigarettes (138.50 per cent), Tea Lipton (114.93 per cent), Potatoes (114.69 per cent), Gas Charges for Q1 (108.38 per cent), Bananas (104.44 per cent), Gents Sponge Chappal (100.33 per cent), Wheat Flour (90.77 per cent), Rice Basmati Broken (86.30 per cent), Eggs (85.86 per cent), Rice Irri-6/9 (80.44 per cent), Petrol (79.85 per cent), Diesel (78.68 per cent), Pulse Moong (66.79 per cent), Bread (63.17 per cent), and Pulse Mash (57.06 per cent), while a decrease was observed in the prices of Tomatoes (38.30 per cent), Onions (30.18 per cent), and Chilies Powdered (6.48 per cent).

    A decrease was observed in the prices of food items: Onions (9.04 per cent), Garlic (1.76 per cent), Sugar (1.42 per cent), Wheat Flour (1.40 per cent), Vegetable Ghee 2.5kg (0.63 per cent), Mustard Oil (0.48 per cent), Pulse Masoor (0.40 per cent), Pulse Gram (0.12 per cent), and Vegetable Ghee 1kg (0.11 per cent); and non-food items: Diesel (10.38 per cent), Petrol (4.24 per cent), LPG (3.02 per cent), and Firewood (0.89 per cent).

    On the other hand, an increase was observed in the prices of Chicken (7.51 per cent), Tea Lipton (4.53 per cent), Gur (2.79 per cent), Eggs (2.29 per cent), Energy Saver (2.22 per cent), Tomatoes (2.11 per cent), Tea Prepared (1.09 per cent), and Curd (1.08 per cent).

    During the week, out of 51 items, prices of 23 (45.10 per cent) items increased, 13 (25.49 per cent) items decreased, and 15 (29.41 per cent) items remained stable.