Pakistan's inflation soars 47% , onion up 228%, wheat 120%

Retail inflation in Pakistan peaked at 47 percent on-year in the week ending March 22, 2023, as revealed by the Pakistan Bureau of Statistics (PSB).

The numbers also marked a week-on-week increase, as the inflation rate stood at 45.64 percent as on March 15, 2023.

Prices of essential commodities have been on the rise in the country, with wheat flour prices rising 120.66 percent on-year and onions prices rising 228.28 percent, according to federal statistics.

Other commodities of mass usage also jumped to a record high, with the prices of cigarettes rising by 165.88 percent, tea by 94.60 percent, basmati broken rice by 81.22 percent and eggs by 79.56 percent.

The energy prices also continued to soar further, as cooking gas charges climbed by 108.38 percent, diesel by 102.84 percent and petrol by 81.17 percent.

Out of the 51 commodities , 26 items recorded a sharp surge, 13 recorded a decline and the rate of 13 others remained unchanged. The prices were tracked by PSB

Recent weeks have seen the country's foreign exchange reserves improve, despite worsening inflation. The country's forex reserves grew by $280 million to $4.598 billion in the week ending March 17. In comparison, it had dipped below the $3 billion mark in mid-February.

The Pakistan government is desperately depending on International Monetary Fund (IMF), over the release of the next tranche of aid as part of the $6.5 billion bailout package the country secured in 2019.

As per local media, The IMF has laid down strict austerity measures, along with assurances on external financing, before releasing the next tranche of aid, local media reports said.