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Inflation

Inflation crosses 4% mark as food and fuel prices rise

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Inflation

ISLAMABAD: The Federal Bureau of Statistics has released its weekly inflation report, revealing a 0.56% rise in the inflation rate over the past week. According to the data, prices of 19 essential items increased, 12 decreased, while 20 remained unchanged. The report shows that the country’s overall annual inflation rate has now reached 4.07%. During … Read more

Weekly Inflation Drops to 4%, Lowest Level Since 2018

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Weekly Inflation

Price hikes were noted in pulse gram, pulse moong, powdered milk, beef, onions, and garlic. Wheat flour, chili powder, diesel, and petrol saw significant price drops. Week-on-week inflation rose by 0.55% due to increases in tomatoes, eggs, garlic, and LPG. The Sensitive Price Index (SPI) inflation for the week ending November 14, 2024, showed a … Read more

Shehbaz vows further relief as inflation slows at lowest in last four years in Sept

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Shehbaz vows further relief as inflation slows at lowest in last four years in Sept

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Tuesday expressed his satisfaction at the slowing down of price hike which now clocked in at the lowest 6.9 percent when compared with runaway digits in the last 44 months. The prime minister lauded the government’s economic team for capping the headline inflation which now clocked in at … Read more

Inflation in Pakistan further slashes to 11.1pc in July, claims PBS

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Inflation slashes further to 11.1pc in July, claims PBS

ISLAMABAD: The Consumer Price Index (CPI)-based inflation decelerated to 11.1 percent during the month of July 2024 as compared to 12.6 percent recorded during June 2024, Pakistan Bureau of Statistics (PBS) reported on Thursday. According to PBS data, the CPI based inflation during the same month of last year (July 2023) was recorded at 28.3%. … Read more

Inflation surges by 1.28pc to 23.59pc during first week of FY25

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Inflation surges by 1.28pc to 23.59pc in first week of FY25

ISLAMABAD: 1.28 percent rise in the weekly inflation rate during the first week of the new fiscal year 2024-25 was witnessed following the budget announcement. According to the Pakistan Bureau of Statistics (PBS) weekly report, the overall annual inflation rate has now reached 23.59 percent. The PBS report indicated that the prices of 29 essential … Read more

Inflation expected to remain at 12%

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Inflation expected to remain at 12%, budget deficit at 5.9% of GDP

ISLAMABAD: Presenting the budgetary proposals, Finance Minister said inflation is expected to remain 12 percent and budget deficit 5.9 percent of GDP. He said that 9,775 billion rupees have been earmarked for interest payment. Muhammad Aurangzeb said 1,400 billion rupees have been earmarked for Public Sector Development Programme 2024-25. He said an additional one hundred … Read more

JI announces sit-in against inflation in Karachi on Oct 8

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JI sit-in

Amir Jamaat-e-Islami (JI) Karachi Hafiz Naeemur Rehman on Saturday announced holding a sit-in against skyrocketing inflation, outside the governor house on October 8. Hafiz Naeem stated that the sit-in will be led by Amir Jamaat-e-Islami Pakistan Sirajul Haq, who will address the critical issues in Sindh, particularly concerning law and order. The meeting held earlier … Read more

Weekly inflation increases by 0.96%, annual rate reaches 26.32%

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weekly inflation

Weekly SPI increased by 0.96%. The annual inflation rate has reached 26.32%. Out of 51 items, the average price of 32 items increased. ISLAMABAD: The inflation rate increased further by 0.96% during the outgoing week ended September 7, while the annual inflation rate has reached the level of 26.32%. The Bureau of Statistics has released … Read more

Finance Ministry releases Debt Strategy Report from 2023-26

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Finance Ministry releases Debt Strategy Report from 2023-26
  • GDP growth has been set at 5.5 percent till 2026.
  • Limiting inflation rate to 7.5 percent in fiscal year 2025.
  • Target has been set to limit GDP growth to 5.0 percent.

ISLAMABAD: The Ministry of Finance released the Debt Strategy Report for the medium term from 2023 to 2026.

According to the report, GDP growth has been set at 5.5 percent till 2026, besides setting a target of controlling the inflation rate at the level of 6.5 percent till the fiscal year 2026 and limiting the inflation rate to 7.5 percent in the fiscal year 2025.

The Ministry of Finance said that the target has been set to limit GDP growth to 5.0 percent and fiscal deficit to 5.1 percent by the next fiscal year.

According to the Ministry of Finance, Rs 5.7 trillion in debt repayments have to be made in the current fiscal year, and Rs 5.5 trillion in debt repayments have to be made in the fiscal year 2025.

The debt repayment burden will be reduced during the fiscal year 2026 and fiscal year 2027. Issuance of bonds and borrowing on long-term policy will be preferred.

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Karachi: Man attempts suicide, poisoned family over poverty

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weather updates karachi

A man tried committed suicide after poisoning family Azhar poisoned his wife and children over poverty Rescue teams reached spot and rushed family to hospital KARACHI: A man in Karachi tried to commit suicide after poisoning his family including his wife and children in frustration over poverty, reported BOL News on Friday. As per details, … Read more

TLP observes shutter-down against inflation

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TLP observes country-wide strike against soaring inflation The call has been given to protest against hike in prices Businesses partially/completely closed in many cities The Tehreek-e-Labbaik Pakistan (TLP) has given a country-wide call for a strike today against the soaring inflation and recent petroleum products price hike. As per reports pouring in from different cities, … Read more

ECB to keep raising interest rates to control inflation

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ECB inflation

Christine Lagarde reiterated the ECB’s policy guidance. Inflation in the 20-nation Eurozone decreased to 8.5% in January. Wage rise is a potential source of long-term inflation. President of the European Central Bank (ECB) Christine Lagarde reiterated the bank’s most recent policy guidance on Wednesday, stating that the euro-inflation zone’s rate is still far too high … Read more

RBA revises up inflation forecasts as further rate hikes anticipated

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RBA inflation

The RBA raised its predictions for core inflation and wage growth on Friday. It cautioned that additional rises in interest rates would be necessary. The RBA tightened the cash rate for the ninth time in a row on Tuesday. The Reserve Bank of Australia (RBA) raised its predictions for core inflation and wage growth on … Read more

January inflation hits monthly highest since May 1975

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January inflation

KARACHI: The headline inflation in January 2023 increased 27.6 per cent, which is the highest since May 1975. Fahad Rauf, head of Equity Research at Ismail Iqbal Securities, said that the inflation in January 2023 is the highest reading since May 1975. Earlier on Wednesday, the Pakistan Bureau of Statistics (PBS) reported headline inflation based … Read more

UK Finance Minister Jeremy Hunt says “necessary to retain this disciplined approach to reduce inflation”

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Jeremy Hunt inflation

Finance Minister Jeremy Hunt said it will be vital to retain the strict approach of his Nov budget. The new budget plan included a number of tax increases and reduced government spending. On March 15, he must produce a budget. According to Prime Minister Rishi Sunak’s office, following a Cabinet meeting on Thursday, British Finance … Read more

Venezuela: Teachers march for better wages as inflation soars

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Teachers
  • Venezuela’s inflation is reported to have reached 305 percent last year.
  • Teachers marched in Zulia and Lara.
  • A public school teacher’s minimum monthly salary is around $10.

Teachers, retirees, and labor unions have marched in at least six Venezuelan cities to demand better wages as President Nicolas Maduro’s government faces new obstacles in its bid to combat inflation.

According to a voluntary group of economists who analyze indices in the absence of official statistics, Venezuela’s inflation is reported to have reached 305 percent last year.

Since March of last year, the government has not altered the salaries of public-sector employees as part of measures to decrease spending and raise taxes, allowing Venezuela to escape from hyperinflation.

However, in the second half of last year, demand for foreign currency outstripped the central bank’s weekly supply of dollars, causing the Venezuelan bolivar to devalue even further.

A public school teacher’s minimum monthly salary is around $10, whereas university professors receive between $60 and $80.

“Our salaries are peanuts.”

“I earn 460 bolivars [about $23] every month,” said Odalis Aguilar, a 50-year-old teacher who marched in Maracay on Monday. “We require a living wage.”

Teachers and public sector workers in the central state of Carabobo also demonstrated, claiming that their incomes do not cover the cost of food and medicine.

“Our food is carbohydrates, little protein, few veggies, it is extremely basic,” said Reina Sequera, a lecturer at the University of Carabobo and the primary breadwinner for her three-person family. “We can’t even afford aspirin.”

Economic instability is caused by US sanctions imposed on the government, claimed governing party Vice President Diosdado Cabello in remarks broadcast on state television.

Teachers marched in Zulia and Lara, two western states.

Over the weekend, the government awarded a bonus of $29.80 to public employees.

The bonus “does not reach $30. Is that what Maduro lives on? You’re throwing us crumbs,” said Gladys Chacon, president of the Tachira College of Teachers.

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Argentina inflation exceeds minister’s forecast, reaching 95% annually

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argentina inflation

The rate of growing consumer prices in December was higher. The SA nation is struggling with one of the highest inflation rates in the world. This is because rising costs impede economic growth and reduce wages and purchasing power. According to official figures issued on Thursday, the monthly inflation rate of Argentina was 5.1% in … Read more

Imran fears new wave of inflation will hit countrymen

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Imran Khan inflation

Former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan fears that a new wave of inflation will hit the countrymen if Pakistan joins the International Monetary Fund (IMF) programme, adding that the country will be default without the programme. He further said that the country was passing through the most critical time of her … Read more

Mongolia’s herders are squeezed between China and Russia

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Mongolia

Prices of wheat and rice have skyrocketed. Inflation reaches 14.5%. Even bad is the 40% surge in coal prices and shortages. Dulamsuren Demberel, a 58-year-old herder who lives eight hours from Mongolia’s capital, has trouble making ends meet each month. Prices of wheat and rice, necessities Mongolia’s herders can’t produce, have skyrocketed due to the … Read more

Italy announces 300-euro bonus for railway employees

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italy railway

Ferrovie dello Stato, the Italian government-owned railway operator, announced on Friday that it will offer its employees a 300-euro supplementary bonus this year as part of a government-approved plan to offset the growing cost of living. According to an agreement with labor unions, Ferrovie will provide its employees with additional credit to cover expenses such … Read more

Britain to announce heavy tax increases and budget cuts

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britain tax increases

Chancellor of the Exchequer to assert that his plan “protects our long-term economic prosperity”. The package is expected to cost £54 billion ($64 billion), Treasury estimates. It comes as UK inflation hits a 41-year high above 11 percent. Britain is scheduled to announce heavy tax increases and budget cuts on Thursday, which could exacerbate the … Read more

US Federal Reserve official open to slower rate hike in December

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federal reserve

The Federal Reserve has raised its benchmark lending rate six times this year, including four 0.75-point jumps. In June, the US annual inflation rate reached 9.1%, the highest level in four decades. Waller noted a “widespread” price downturn, including a decrease in services costs. Recent evidence of lessening inflation pressures and a sluggish US economy … Read more

India inflation slowed to 6.73pc in October, still above RBI’s tolerance zone of 6pc

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india inflation

Inflation in India slowed to 6.73 percent in October but remained stubbornly above 6%. The Reserve Bank of India’s tolerance zone for inflation is between 2% and 6%. This keeps the possibility of the RBI increasing interest rates open. India consumer price inflation slowed to 6.73 percent in October due to weaker food price increases … Read more

New Zealand to investigate resilience to supply chain disruptions

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new zealand supply chain

The New Zealand government has requested an investigation of the country’s resilience to supply chain disruptions. Inflation is blazingly high in New Zealand, at 7.2%. The commission will recommend policy measures to assist in anticipating and addressing such problems. The New Zealand government said on Tuesday that it had requested an investigation of the country’s … Read more

New Zealand inflation in third quarter remains high after pricing pressure

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new zealand inflation

Consumer inflation in New Zealand exceeded predictions and remained at historically high levels. The annual inflation rate increased to 7.2% in the third quarter, down from 7.3% in the second quarter. The Reserve Bank of New Zealand hiked interest rates to 3.50 percent in October 2017. In the third quarter, consumer inflation in New Zealand … Read more

Mexico central bank increases interest rates to all-time high

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mexico central bank

In August, inflation in Mexico reached 8.7 percent, well beyond the central bank’s objective of approximately 3 percent. The central bank increased its inflation projections due to “larger-than-anticipated inflationary shocks”. Additional rate hikes are likely, depending on whether inflation moderates, the Bank of Mexico says. Mexico central bank increased its benchmark interest rate to an … Read more

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