Inflation rate reaches 28.3% in July amid soaring prices

ISLAMABAD: The inflation rate has increased by 3.46 percent to 28.3 percent in July, ARY News reported quoting the Pakistan Bureau of Statistics (PBS).

As per details, the inflation rate has increased by 3.46% to 28.3% in July however the finance ministry has predicted the rate to be between 25 to 27%.

The price of potatoes increased by 8.16%, and fresh vegetables by 37.64 while the price of tomatoes increased by 33.45% and fresh fruits by 17.90%.

Earlier, the federal government on Tuesday jacked up the price of petrol by Rs19.95 per litre for the next fortnightly review.

Finance Minister Ishaq Dar announced new prices in a press conference. “Petrol price has been increased by Rs19.95 per litre to Rs272.95, while high-speed diesel is being increased by Rs19.90 to Rs273.40,” announced Dar.

The revised prices come into effect immediately, he said, adding that hike in fuel prices was inevitable in line with the commitments made with the IMF on slapping petroleum development levy (PDL) to the rates.

The FinMin went on to say that the prices were increased after taking Prime Minister Shehbaz Sharif into consultation.

It is pertinent to mention here that the weekly inflation, measured by Sensitive Price Indicator (SPI), increased by 3.73 per cent on a year-on-year basis for the week ending on July 26, Pakistan Bureau of Statistics (PBS) official data showed Thursday.