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Inflation Was 29.2% For The Month Of November

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Inflation Was 29.2% For The Month Of November

(CTN News) – The Pakistan Bureau of Statistics (PBS) recently released data showing that Pakistan’s inflation rate for November stood at 29.2% compared to the previous year. This follows a trend from the previous fiscal year, with the average inflation for FY24 now reaching 28.6%.

In terms of monthly changes, the Consumer Price Index (CPI) increased by 2.7%, indicating another significant rise in prices. According to the PBS, food inflation was recorded at 28%, housing at 33%, and transport at 26.5%.

Furthermore, every month, the highest price increases were observed in housing (11%) and clothing (2.4%). Despite a decrease of 2.8% in transport prices,

It did not alleviate the overall inflation levels.

Former finance minister, Miftah Ismail, recently drew attention to the issue of rising urban non-food prices on social media platform X (formerly Twitter). He specifically highlighted the significant 7% month-on-month increase, which can be attributed almost entirely to the staggering 280% month-on-month rise in gas prices for domestic consumers.

In terms of weekly inflation, as measured by the Sensitive Price Indicator (SPI), there was a slight decrease of 0.23% for the combined consumption group during the week ending November 30.

However, when compared to the same week of the previous year, the SPI for the combined consumption group experienced a concerning increase of 41.05%.

The SPI’s year-on-year trend reveals significant price hikes in various items, including Gas Charges for Q1 (1108.59%), Cigarettes (94.20%), and Wheat Flour (87.27%), which has raised concerns among the public.

However, there is some relief in the form of lower prices for tomatoes (-23.12%), onions (-22.36%), Mustard Oil (-4.09%), and specific types of Vegetable Ghee, where a decline in prices has been observed.

Consumers are facing challenges in the current economic landscape due to the increase in average prices of various commodities on a Year-on-Year basis.

These commodities include Gas Charges for Q1 (1108.59%), Cigarettes (94.20%), Wheat Flour (87.27%), Chilies Powder (81.74%), Rice Basmati Broken (75.79%), and others.

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