Official data shows that transportation costs have increased by 31.26 percent in September compared to a year ago. There has been an increase of 33.11 percent in food cost. There has been an increase of 29.70 percent in the prices of housing, water and electricity.
While on one hand there are speculations that inflation will reduce in India, on the other hand inflation in neighboring country Pakistan has crossed 31 percent, which is about 5 times more than that of India. On the other hand, the price of domestic gas cylinder in Pakistan has crossed Rs 3000. In fact, Pakistan had increased fuel prices in the month of September to meet the conditions of IMF under the bailout package. After which inflation in the country has increased for the first time after four months.
Record jump in inflation
According to Pakistan Bureau of Statistics data, consumer prices increased by 31.44 percent in September compared to a year ago. This figure is much higher than the average estimate of 30.95 percent growth in Bloomberg survey and 27.4 percent growth in August. According to experts, after this inflation data, Pakistan policy makers can increase the policy rates in the meeting to be held on October 30. After interest rates reached record levels, there was a decline in inflation for three consecutive months from June. This month, the central bank expects inflation to rise further due to rising energy prices. Profits will remain slow till June next year. Bloomberg reported that this year, the average estimate for price growth is 20 percent to 22 percent.
Increase in food cost due to transportation
Pakistan's caretaker government has increased fuel costs due to rising global prices and plans to increase gas prices under IMF conditions to continue the bailout program started in July. This move is likely to increase the cost of living. Troubled by inflation, protests against the government may again erupt in Pakistan. Official data shows that transportation costs have increased by 31.26 percent in September compared to a year ago. There has been an increase of 33.11 percent in food cost. There has been an increase of 29.70 percent in the prices of housing, water and electricity.
Gas cylinder crosses Rs 3000
The country's Oil and Gas Regulatory Authority (OGRA) has increased the prices of LPG by Rs 20.86 per kg, after which its price has become Rs 260.98 per kg. Apart from this, the price of domestic cylinder was also increased by Pakistan Rupees 246.16. After which the price of gas cylinder in Pakistan has come down to Rs 3,079.64. Pakistan may get some relief from inflation after the recent government action against dollar hoarders and smugglers. This has helped make the rupee the best performing currency in the world in September and imports may become cheaper.
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