Inflation touches highest point in 15 years - Pakistan

[BL33D]

Inflationary pressures for consumers in the last five months have witnessed the highest ever hike in prices on monthly basis of last 10 to 15 years.

During July-November period of the current fiscal year 2019-20, the CPI based inflation peaked to 12.67 percent in November 2019, thus surpassing all regional countries on the rate of increasing prices compared to India, Bangladesh, Sri Lanka and even Afghanistan. The monthly buildup in inflationary pressures stood at average hiking inflation by over 1 to 1.5 percent in the last five months, a level that had never witnessed in last 15 years.

Under the rule of PTI-led regime, the major drivers of rising inflation can be attributed to food, energy prices and transport fares. Contrary to double digit CPI based inflation in Pakistan, it remained on lower side in India where it stood at 4.6 percent by October, Bangladesh 5.7 percent, Sri Lanka 4.4 percent and Afghanistan 3.75 percent.

“The mismanagement and lack of effective governance played havoc as it pushed up inflationary pressures. The gas prices went up by 141 percent, electricity by almost 20 percent and inflation expectations also contributed to increasing daily routine prices,” top official sources confirmed to The News here on Monday. The depreciation of exchange rate also hiked inflationary pressures, said the official.

According to Pakistan Bureau of Statistics (PBS), the CPI inflation general, increased by 12.7 percent on year-on-year basis in November 2019 as compared to an increase of 11.0 percent in the previous month and 5.7 percent in November 2018. On month-on-month basis, it increased by 1.3 percent in November 2019 as compared to an increase of 1.8 percent in the previous month and a decrease of 0.1 percent in November 2018.

The National Consumer Price Index of November 2019 is increased by 1.34 percent over October 2019 and increased by 12.67 percent over corresponding month of the last year i.e. November 2018.

There are major increases in prices of certain food items as the prices of tomato went up by 436.88 percent, onions 156.06 percent, pulse moong 54.03 percent, potatoes 42.40 percent, pulse mash 41.6 percent, fresh vegetables 40.36 percent, sugar 33.46 percent, Butter 31.65 percent, Gur30.12 percent, condiments and spices 19.24 percent, tea 16.98 percent, vegetable ghee 16.59 percent, wheat flour 16.19 percent, cooking oil 15.61 percent, pulse masoor 15.51 percent, wheat 15.34 percent, meat 13.4 percent, pulse gram 12.14 percent and milk powder 11.21 percent in November 2019 against the prices of these items in same month of 2018. The prices of chicken decreased by 15.00 percent and eggs 7.91 percent.

An official of the ruling PTI, while admitting that prices have gone up, said that the government has taken drastic measures to correct the past blunders.

He said that the government’s economic policy will bear fruit and people will feel the pleasant change in months to come.

Among regional countries, India's retail price inflation rate climbed to 4.62 percent year-on-year in October 2019, the highest in over a year, from the previous month's 3.99 percent and above market expectations of 4.25 percent. Inflation rose above the Reserve Bank of India's medium-term target of 4 percent for the first time since July 2018. Inflation rate in India averaged 5.98 percent from 2012 until 2019, reaching an all-time high of 12.17 percent in November of 2013 and a record low of 1.54 percent in June of 2017.Bangladesh inflation rate eased to 5.47 percent in October of 2019 from 5.54 percent in the previous month. It was the lowest inflation since February, as non-food products cost slowed (5.45 percent vs 5.92 percent in September). In contrast, food prices advanced faster (5.49 percent vs 5.30 percent). The inflation rates for rural and urban areas were 5.36 percent and 5.67 percent, compared with September's figures of 5.41 percent and 5.80 percent respectively.

On a monthly basis, consumer prices rose 0.51 percent, following a 1.85 percent in the previous month. Inflation rate in Bangladesh averaged 6.51 percent from 1994 until 2019, reaching an all time high of 16 percent in September of 2011 and a record low of -0.03 percent in December of 1996.

Inflation rate in Sri Lanka decreased to 4.4 percent in November of 2019, from 5.4 percent in the previous month. It was the lowest rate of inflation since August, as cost slowed for food & non-alcoholic beverages (4.6 percent vs 6.8 percent in October) and non-food products (4.2 percent vs 4.8 percent). Among non-food, prices advanced at a softer pace for housing & utilities (2.6 percent vs 2.9 percent); furniture & household equipment (5.4 percent vs 5.7 percent) and health (2.2 percent vs 12.7 percent). In contrast, transport cost increased faster (2.7 percent vs 1.2 percent) while inflation was steady for restaurants & hotels (at 2.9 percent). On a monthly basis, consumer prices went up 0.3 percent, after rising 0.2 percent in October.

Inflation rate in Sri Lanka averaged 9.33 percent from 1986 until 2019, reaching an all time high of 28.30 percent in June of 2008 and a record low of -0.90 percent in March of 1995.

The inflation rate in Afghanistan was recorded at 1.80 percent in September of 2019. Inflation rate in Afghanistan averaged 3.75 percent from 2005 until 2019, reaching an all-time high of 13.97 percent in April of 2011 and a record low of -18.39 percent in May of 2009.

https://www.thenews.com.pk/print/581088-inflation-touches-highest-point-in-15-years

 

[Manidabest]

thats for us to worry not for indians soo buzzzzz offf

 

[Chhatrapati]

Cutting imports is not a very smart economics, is it?

ndia's retail price inflation rate climbed to 4.62 percent year-on-year in October 2019, the highest in over a year, from the previous month's 3.99 percent and above market expectations of 4.25 percent. Inflation rose above the Reserve Bank of India's medium-term target of 4 percent for the first time since July 2018.

Bad harvest season lead to price hike on essentials.

 

[Xestan]

The common people are suffering so much that the popular support of the ruling party has diminished greatly. We might see some improvement by next year, but by then, millions more would have been pushed below the poverty line.

 

[Oracle]

.

 

[BL33D]

thats for us to worry not for indians soo buzzzzz offf

You are worrying by getting angry at someone who posted the news. Great start.

 

[kris]

Tough times, but price increase of the staple food and pulses will break the back of poor

 

[jupiter2007]

The common people are suffering so much that the popular support of the ruling party has diminished greatly. We might see some improvement by next year, but by then, millions more would have been pushed below the poverty line.

Government doesn’t have money to give subsidies on everything. Current government have faced challenges that have not faced by any previous government.

1. From the first day current government Faced economic, governance and foreign policy challenges.
2. Country was almost bankrupt and had only 2 months of reserved left.
3. Economy was on ventilator. It’s finally going toward stabilization.Once it’s completely recovered then economic growth will start. We should see growth by 2021, inflation will go down and there will be some relief for poor people.
4. IK had to go to friendly countries to get loan to survive before approaching IMF.
5. Going to IMF for bailout package and negotiating IMF conditions
6. Reducing imports and increasing exports.
7. Dealing with corrupt opposition which is not willing to bring any reforms and they are only concerned about Saving their corruption.
8. Dealing with Haram khore bureaucracy which is still supporting corrupt mafia.
9. efforts underway to reduce government overhead.
10. bring reform in government institutions, merging institutions.
11. Uplifting the government institutions that are losing money and trying to turn them into profitable for example PIA
12. No previous government ever thought about creating a Sustainable economy. IK and his team is working on that.
13. Afghanistan peace process
14. Pulwama attack and response on Feb 27
15. Country facing war like situation while both east and west border are active.
16. Worked on Foreign policy which was non existing for last 5 years since there was no foreign minister during Nawaz Sharif tenure.
17. ICJ Kulbhushan Jadhav case
18. FATF grey list (Haramkhori of previous government for not bring the change.
19. Kartarpur corridor.
20. Dealing with issues created by bad decisions of previous governments. For example: 6 billion $ in Riko mine case
21. Kashmir issue and positive foreign policies in deal with it.
22. Dealing with law and order situation in the country.
23. Auditing CPEC projects and working with China to Expedite the work on them.
24. Bring Tax reform and increasing taxnet
25. Ease of doing business and providing business and investment opportunities.
26. Due to government effort increases in foreign investment.
27. Made NAB as an independent institution free from political pressures so It can go after big fish to recover stolen money.

 

[BATMAN]

thats for us to worry not for indians soo buzzzzz offf

Who us?

Inflationary pressures for consumers in the last five months have witnessed the highest ever hike in prices on monthly basis of last 10 to 15 years.

During July-November period of the current fiscal year 2019-20, the CPI based inflation peaked to 12.67 percent in November 2019, thus surpassing all regional countries on the rate of increasing prices compared to India, Bangladesh, Sri Lanka and even Afghanistan. The monthly buildup in inflationary pressures stood at average hiking inflation by over 1 to 1.5 percent in the last five months, a level that had never witnessed in last 15 years.

Under the rule of PTI-led regime, the major drivers of rising inflation can be attributed to food, energy prices and transport fares. Contrary to double digit CPI based inflation in Pakistan, it remained on lower side in India where it stood at 4.6 percent by October, Bangladesh 5.7 percent, Sri Lanka 4.4 percent and Afghanistan 3.75 percent.

“The mismanagement and lack of effective governance played havoc as it pushed up inflationary pressures. The gas prices went up by 141 percent, electricity by almost 20 percent and inflation expectations also contributed to increasing daily routine prices,” top official sources confirmed to The News here on Monday. The depreciation of exchange rate also hiked inflationary pressures, said the official.

According to Pakistan Bureau of Statistics (PBS), the CPI inflation general, increased by 12.7 percent on year-on-year basis in November 2019 as compared to an increase of 11.0 percent in the previous month and 5.7 percent in November 2018. On month-on-month basis, it increased by 1.3 percent in November 2019 as compared to an increase of 1.8 percent in the previous month and a decrease of 0.1 percent in November 2018.

The National Consumer Price Index of November 2019 is increased by 1.34 percent over October 2019 and increased by 12.67 percent over corresponding month of the last year i.e. November 2018.

There are major increases in prices of certain food items as the prices of tomato went up by 436.88 percent, onions 156.06 percent, pulse moong 54.03 percent, potatoes 42.40 percent, pulse mash 41.6 percent, fresh vegetables 40.36 percent, sugar 33.46 percent, Butter 31.65 percent, Gur30.12 percent, condiments and spices 19.24 percent, tea 16.98 percent, vegetable ghee 16.59 percent, wheat flour 16.19 percent, cooking oil 15.61 percent, pulse masoor 15.51 percent, wheat 15.34 percent, meat 13.4 percent, pulse gram 12.14 percent and milk powder 11.21 percent in November 2019 against the prices of these items in same month of 2018. The prices of chicken decreased by 15.00 percent and eggs 7.91 percent.

An official of the ruling PTI, while admitting that prices have gone up, said that the government has taken drastic measures to correct the past blunders.

He said that the government’s economic policy will bear fruit and people will feel the pleasant change in months to come.

Among regional countries, India's retail price inflation rate climbed to 4.62 percent year-on-year in October 2019, the highest in over a year, from the previous month's 3.99 percent and above market expectations of 4.25 percent. Inflation rose above the Reserve Bank of India's medium-term target of 4 percent for the first time since July 2018. Inflation rate in India averaged 5.98 percent from 2012 until 2019, reaching an all-time high of 12.17 percent in November of 2013 and a record low of 1.54 percent in June of 2017.Bangladesh inflation rate eased to 5.47 percent in October of 2019 from 5.54 percent in the previous month. It was the lowest inflation since February, as non-food products cost slowed (5.45 percent vs 5.92 percent in September). In contrast, food prices advanced faster (5.49 percent vs 5.30 percent). The inflation rates for rural and urban areas were 5.36 percent and 5.67 percent, compared with September's figures of 5.41 percent and 5.80 percent respectively.

On a monthly basis, consumer prices rose 0.51 percent, following a 1.85 percent in the previous month. Inflation rate in Bangladesh averaged 6.51 percent from 1994 until 2019, reaching an all time high of 16 percent in September of 2011 and a record low of -0.03 percent in December of 1996.

Inflation rate in Sri Lanka decreased to 4.4 percent in November of 2019, from 5.4 percent in the previous month. It was the lowest rate of inflation since August, as cost slowed for food & non-alcoholic beverages (4.6 percent vs 6.8 percent in October) and non-food products (4.2 percent vs 4.8 percent). Among non-food, prices advanced at a softer pace for housing & utilities (2.6 percent vs 2.9 percent); furniture & household equipment (5.4 percent vs 5.7 percent) and health (2.2 percent vs 12.7 percent). In contrast, transport cost increased faster (2.7 percent vs 1.2 percent) while inflation was steady for restaurants & hotels (at 2.9 percent). On a monthly basis, consumer prices went up 0.3 percent, after rising 0.2 percent in October.

Inflation rate in Sri Lanka averaged 9.33 percent from 1986 until 2019, reaching an all time high of 28.30 percent in June of 2008 and a record low of -0.90 percent in March of 1995.

The inflation rate in Afghanistan was recorded at 1.80 percent in September of 2019. Inflation rate in Afghanistan averaged 3.75 percent from 2005 until 2019, reaching an all-time high of 13.97 percent in April of 2011 and a record low of -18.39 percent in May of 2009.

https://www.thenews.com.pk/print/581088-inflation-touches-highest-point-in-15-years

This is a game plan to give official cover to money laundering.
$billions of remittances must be shipped back to UK and Iran otherwise handlers of IK will not be happy.