Karachi, Nov 23 (IANS) Inflation reading for the current week in Pakistan has gone up by at least 0.67 per cent, hitting an 18-week high due to increase in food and ladies footwear prices. However, the government has refused to take the responsibility and is blaming the middlemen for the surge.
As per reading of Sensitive Price Indicator (SPI) on November 21, the past week has seen a consistent rise in short-term inflation, specifically due to rise in food prices, making it the highest rise since July 18, this year.
As per the figures released by the Pakistan Bureau of Statistics (PBS), the weekly inflation rate has risen to 4.92 per cent in comparison to the same last year.
Reports suggest that the rise in inflation was mainly due to ladies’ footwear, prices of which went up by at least 55.62 per cent during the current week. Moreover, prices of food items also shot up in comparison to the previous week, contributing to the broader increase in inflation numbers.
According to the Trade Development Authority of Pakistan (TDAP), the premier trade promotion organisation mandated to develop and promote products and services of the country in international markets, the total requirement of footwear in Pakistan is around 600 million pairs per year with the women buying between 4-6 pairs of footwear per year.
Prices of Tomatoes also shot up by at least 20.72 per cent, potatoes price went up by at least 3.8 per cent, garlic price surged by at least 3.44 per cent, and egg prices went up by at least 3.16 per cent, as per the reading issued by PBS. Other than the mentioned items, essential commodities also rose up by at least 2.30 per cent.
On the other hand, the Federal government was surprised to see the increase of prices in food items, shifting responsibility on the middlemen for the hike in cost of commodities in local markets, highlighting that the surge makes no sense compared to the downward trend internationally.
“There can be several factors that are contributing to the fluctuation in commodity prices, including reduction in vegetable production, surge in population and inadequate storage capacity of perishable goods,” said economist Salman Siddiqui.
“Also, the export of crops having less-than-estimated production, such as onions and sugar, has also been cited as a reason for rising prices,” he added.
–IANS
hamza/as
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
