Pakistan’s weekly inflation up by 1.11 percent

ISLAMABAD: The weekly inflation measured by the Sensitive Price Indicator (SPI), witnessed an increase of 1.11 percent for the combined consumption groups during the first week of newly elected government, ARY News reported quoting the Pakistan Bureau of Statistics (PBS).

According to the PBS data, the inflation in the country increased by 1.11 percent and reached to 32.39 percent.

During the week, the prices of 14 items increased, whereas 14 items witnessed a decrease in prices.

The items, which recorded a decrease in their average prices on a week-on-week basis included onions, potatoes, banana, egg, beef and mutton.

In a separate development, sources reported that the International Monetary Fund (IMF) is ready to send its mission to Islamabad for the second economic review after the formation of PM Shehbaz Sharif’s cabinet.

The IMF Director of Communications said that the focus currently is on completing the ongoing Stand-By Program, which is ending in April 2024, a mission for the second review of the Stand-By Program will be dispatched immediately after the formation of the new cabinet in Pakistan.

Addressing a press conference in Washington, IMF Director of Communications Julie Kozek said completing the existing standby arrangement is a priority, looking forward to working with Pakistan’s new government to ensure economic stability.