Petrol price hike pushes weekly inflation up in Pakistan

Following massive hike in petrol prices, weekly inflation in Pakistan recorded a sharp increase of 1.89 per cent, pushing the annual rate to 6.44 per cent, ARY News reported on Friday, quoting the Pakistan Bureau of Statistics (PBS) report.

The weekly inflation report, released in Islamabad, showed that prices of 14 essential items increased during the week, while nine commodities recorded a decline.

Fuel prices saw the most significant surge. Petrol prices rose by 20.60 per cent on a weekly basis, while diesel prices increased by 19.54 per cent.

The price of liquefied petroleum gas (LPG) also climbed by 12.13 per cent during the same period.

Among food items, onion prices went up by 9.63 per cent, while flour became 1.28 per cent more expensive. Chicken prices increased by 0.66 per cent and mash pulses by 0.55 per cent. Bananas, firewood, gram pulses and fresh milk were also among the commodities that recorded price increases.

Meanwhile, the report noted some relief in a few items. Tomato prices declined by 3.66 per cent and potatoes became cheaper by 2.86 per cent during the week. Prices of garlic, rice and masoor pulses also recorded slight decreases

It is to be noted that on last Friday, the government of Pakistan announced a significant increase in petrol prices, citing rising global oil costs linked to escalating tensions in the Middle East.

At a press conference in Islamabad, federal ministers announced an increase of Rs. 55 per litre in the prices of petrol and diesel.