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Cash-strapped Pakistan’s annual inflation rate rose to a record 38.42 percent this week. Inflation in Pakistan has reached this level due to continuous increase in the prices of essential commodities. The Sensitive Price Index (SPI), which measures short-term inflation, rose to 38.42 percent year-on-year this week, The Express Tribune newspaper said in a report on Saturday, citing recent data from the Pakistan Bureau of Statistics.

On a weekly basis, the SPI has increased by 2.89 per cent, compared to a 0.17 per cent increase in the previous week. Last week, the annualized SPI inflation was recorded at 34.83 per cent. This increase in inflation is due to the imposition of new taxes by the Government of Pakistan and increase in the prices of petroleum products. The government has taken this step as a condition of getting $ 1.1 billion in aid from the International Monetary Fund.

Petrol prices have increased by 8.82 per cent, five liters of edible oil by 8.65 per cent, one kilogram of ghee by 8.02 per cent, chicken meat by 7.49 per cent and diesel by 6.49 per cent in a week. On a weekly basis, tomato prices declined by 14.27 per cent, followed by onion prices by 13.48 per cent, egg prices by 4.24 per cent, garlic prices by 2.1 per cent and flour by 0.1 per cent.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.