Pakistan: Inflation rises for fifth consecutive week

Inflation in Pakistan increased for the fifth consecutive week as the Sensitive Price Index (SPI) posted an increase of 0.67 per cent for the week ending on November 4, reported local media citing the data released by Pakistan Bureau of Statistics (PBS) on Friday.

The highest jump in the weekly inflation was recorded in October with a jump of 1.29 per cent, reported Dawn.

The increase in the weekly inflation is said to be mainly due to an increase in the prices of essential items that include tomatoes 19.23 per cent, sugar 5.32 per cent, mustard oil 3.74 per cent, LPG 3.23 per cent, reported Dawn.

The prices of 28 out of 51 items increased during the week, while 20 items remained constant, as per the newspaper.

"I do not see any stability in food prices in the coming days in view of an alarming rise in world commodity prices, freight charges, broken supply chain mechanism, logistic issues and world oil and RLNG prices," Dawn quoted President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Nasser Hyatt Magoo as saying.

Meanwhile, Pakistan leader of the opposition, Shehbaz Sharif (PML-N) held telephonic talks with Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari and devised a joint strategy to counter Imran Khan government in the Parliament against the rising inflation in the country, reported The News International.

Sharif also said that Imran Khan's relief package was meant only for a few families and not for the people. He also demanded the prices of petroleum products should be slashed immediately and warned of protest if the prices are not brought down.

(ANI)