Pakistan's inflation drops in last week of Ramadan

ISLAMABAD: Pakistan’s inflation rate has witnessed a decline of 0.15% in the last week of Ramadan, according to the Pakistan Bureau of Statistics, ARY News reported.

The statistics bureau reported that the overall annual inflation rate currently stands at 1.26% and the prices of 10 essential items increased, while 10 items saw a decrease in prices.

Notably, the price of tomatoes surged by 7.15 rupees per kilogram, while the price of LPG cylinders decreased by 38.61 rupees. Other items that saw a decline in prices include potatoes, chicken, sugar, wheat, and eggs.

On the other hand, prices of beef and ghee increased by 3.17 rupees and 1.44 rupees per kilogram, respectively. However, the prices of 31 items remained stable during the week, providing some relief to consumers.

Earlier, Pakistan’s Ministry of Finance released its monthly economic outlook, revealing a mixed bag of trends.

In its monthly Economic Outlook report, the Ministry stated that the country has seen an increase in remittances, exports, imports, and tax revenue, which is a positive sign for the economy.

However, the report also notes that inflation is expected to rise by 1-1.5% in March and 2-3% in April. Furthermore, prices of essential items like chicken, dairy, and vegetable oil increased in February, with inflation rising from 8.2% to 9.7%.

The report highlights that the country’s large-scale manufacturing output decreased by 1.78% from July to February. On the other hand, foreign investment increased by 11.8% on a year-on-year basis, although it declined by 67.5% in February.

Remittances also saw a significant 32.5% increase from July to February. The report further highlights that exports grew by 7.2% and imports by 11.4% during the current fiscal year. The current account deficit also narrowed, while the value of the rupee slightly decreased.