Inflation on the rise in Pakistan after budget 2024-25

ISLAMABAD: The first week of the new fiscal year 2024-25 after the budget brought a surge in inflation, with a 1.28 percent increase in the weekly inflation rate, ARY News reported.

As per the Pakistan Bureau of Statistics (PBS) weekly report, the overall annual inflation rate has reached 23.59 percent.

The PBS’s report showed that prices of 29 essential items increased in the past week, while prices of five essential items remained stable and 17 items saw a decrease in prices.

As per the report, tomato prices soar by 70.77 percent in the last week, with the average price per kilogram exceeding Rs 200.

The PBS’ weekly report read that flour prices increased by 10.57 percent, powdered milk by 8.90 percent, diesel by 3.58 percent, petrol by 2.88 percent, and LPG by 1.63 percent.

The prices of chicken, pulses, and garlic also increased in the last week while onion and potato prices decreased by prices decreased by 9.05 percent and 1.04 percent respectively.

Earlier it was reported on July 1 that the Consumer Price Index (CPI) based inflation increased to 12.6 percent on a year-on-year basis during June 2024 as compared to the corresponding month of last year.

According to PBS data, the CPI based inflation during the same month of last year was recorded at 29.4%.

On month-on-month basis, it increased to 0.5% in June 2024 as compared to a decrease of 3.2% in the previous month and decrease of 0.3% in June 2023.