| | | | | |

Pakistan’s Weekly Inflation Slows to 3.57% as Government Celebrates Economic Progress

Pakistan’s Weekly Inflation Slows to 3.57%

ISLAMABAD: December 7, 2024 — Paksitan’s weekly inflation slows to 3.57%. It is the Short-term inflation, as measured by the Sensitive Price Index (SPI), measured as 3.57% year-on-year for the week ending December 5, signaling relief for consumers amidst easing prices of vegetables and pulses. This marks the second consecutive week of deceleration, with inflation declining by 0.34% compared to the previous week, according to official data.

The easing of prices for key staples like chicken, pulses, and basmati rice contributed to this trend. However, the respite was tempered by continued increases in the prices of perishable food items such as potatoes, onions, and edible oil. This mixed trend reflects the ongoing volatility in the market.

Key Points on Weekly Inflation and Economic Trends

  • Inflation Slows to 3.57% amid Price Stability in Essentials: The Sensitive Price Index (SPI) recorded a 3.57% year-on-year decrease for the week ending December 5, marking the second consecutive week of decline. Key items like chicken, pulses, and basmati rice saw price drops, while perishable goods such as potatoes and edible oil continued to rise.
  • Government Hails Economic Progress and Plans for Growth: Prime Minister Shehbaz Sharif celebrated the decline in inflation, noting it as the lowest since October 2018. The government credits strong economic policies for the 39.11% reduction in inflation compared to last year, while emphasizing efforts to boost foreign investment, create jobs, and stabilize the economy.

پاکستان میں ہفتہ وار مہنگائی کی شرح میں کمی واقع ہوئی ہے، جو کہ اب 3.57 فیصد پر آ گئی ہے۔ سبزیوں اور دالوں کی قیمتوں میں کمی کے باعث گزشتہ دو ہفتوں سے مسلسل کمی دیکھنے میں آئی ہے۔

وزیراعظم شہباز شریف نے اس کامیابی کو اقتصادی ٹیم کی محنت اور اللہ کی برکت قرار دیا اور اسے اکتوبر 2018 کے بعد سب سے کم شرح قرار دیا۔ تاہم کچھ اشیاء جیسے آلو، پیاز اور کھانے کے تیل کی قیمتیں اب بھی بڑھ رہی ہیں۔ حکومت غیر ملکی سرمایہ کاری بڑھانے، صنعتی ترقی کو فروغ دینے اور روزگار کے مواقع پیدا کرنے کے لیے اقدامات کر رہی ہے تاکہ معیشت کو مزیدمستحکم کیا جا سکے۔

Government’s Efforts and Commitments as Weekly Inflation Slows to 3.57%

Prime Minister Shehbaz Sharif hailed the decline in inflation as a significant milestone, crediting the economic team’s diligent efforts and the blessings of Allah Almighty. In a statement from the PM Office Media Wing, he noted that the current inflation rate is the lowest recorded since October 2018, representing a major achievement for his administration.

The prime minister highlighted a remarkable 39.11% drop in inflation this week compared to the same period last year. He reaffirmed his commitment to alleviating the economic burden on citizens, stating, “I had promised to work around the clock to lessen the people’s suffering. As the servant of Pakistan, I stand by every commitment I have made.”

Efforts to boost foreign investment, foster industrial growth, and create jobs remain central to the government’s economic strategy. The prime minister pointed to encouraging signs such as rising remittances, increased foreign investment from allied nations, and stronger diplomatic ties as indicators of the country’s economic progress.

Trends in Inflation and Price Changes Over Time

Despite the overall decline, inflationary pressures persist for some essential items. According to the Pakistan Bureau of Statistics (PBS), prices of 18 items increased during the week, 10 items became cheaper, and 23 items remained stable. Key price drops on a week-to-week basis included:

• Tomatoes (-25.15%)

• Chicken (-9.90%)

• Pulse mash (-1.67%)

• Wheat flour (-0.71%)

• LPG (-0.19%)

On the other hand, some items experienced notable increases, such as garlic (+1.83%), vegetable ghee (+1.72%), potatoes (+1.69%), petrol (+1.48%), and sugar (+1.33%).

On an annual basis, significant price hikes were recorded for items like ladies’ sandals (+75.09%), pulse gram (+65.64%), and powdered milk (+25.74%). Conversely, wheat flour (-35.40%), chili powder (-20%), and diesel (-10.77%) saw the most substantial decreases.

Challenges Ahead For Economic Stability

While the government has celebrated these achievements, challenges remain, especially with rising fuel prices impacting transportation costs. The recent hike in petrol prices will likely affect supply chain expenses, adding pressure to household budgets.

The prime minister emphasized that the nation is on the path to economic stability and quick recovery. However, sustaining this momentum will require continued policy measures to stabilize prices and address the vulnerabilities in essential commodity markets.

As Pakistan navigates its economic challenges, the government remains optimistic about achieving long-term growth and stability through collaborative efforts and steadfast commitment to the welfare of its people.

Read more about the Economy, News and Announcements here.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *