Gen Bajwa pressurized me to extend friendship with India:
PTI resumes contacts with political parties,
Any delay in elections to invite ‘street protests’ by PTI, Imran warns,
Lahore _Imran Khan Annual inflation, measured by the Consumer Price Index (CPI), soared to a record high of 35.37 percent in March, compared to 31.55pc in the previous month, driven by massive increases in food and transport prices
The statistics bureau spokesman said the number was the highest in nearly five decades, as the government scrambled to meet International Monetary Fund (IMF) conditions to unlock a desperately needed bailout. Month-on-month inflation was 3.72 percent, according to government data released Saturday, while the average inflation rate for the past year was 27.26 percent.
“This is the highest ever inflation recorded in the data we have,” he added.
Higher prices of food, cooking oil, and electricity pushed up the index, the bureau said. The South Asian nation has been in economic turmoil for months with an acute balance of payments crisis, while talks with the IMF to secure bailout funding have stalled.
“The way inflation is rising, I believe a famine-like situation has been simmering,” said Shahida Wizarat, a Karachi-based analyst.
Inflation in urban and rural areas
In March 2023, urban Consumer Price Index (CPI) inflation rose to 33.0% year-on-year, compared to 28.8% in the previous month and 11.9% in March 2022. Month-on-month, it increased to 3.9%, compared to 4.5% in the previous month and 0.7% in March 2022.
Rural CPI inflation also increased in March 2023 to 38.9% year-on-year, compared to 35.6% in the previous month and 13.9% in March 2022. On a month-on-month basis, rural CPI inflation rose to 3.5%, compared to 4.0% in the previous month and 1.0% in March 2022.
Inflation is expected to stay at “elevated” levels, the Finance Ministry said, “owing to market frictions caused by relative demand and supply gap of essential items, exchange rate depreciation and recent upward adjustment of administered prices of petrol and diesel,”
Meanwhile, In the ongoing fiscal year, the Federal Board of Revenue (FBR) is facing a shortfall in its target for tax revenue collection by over Rs300 billion
In the first nine months of the fiscal year 2022-23, the FBR is faced with a shortfall of Rs304 billion in tax revenue collection.
Sources say the board’s target for March has also fallen short of Rs64 billion.
According to FBR sources, the tax revenue target for March was Rs727 billion, while the collection could only end up at Rs663 billion.
For the period between July 2022 and March 2023, the tax revenue target for FBR was Rs5,460 billion, while the amount of revenue was Rs5,156 billion.
The revised annual tax target for the current fiscal year is Rs7,640 billion.
Meanwhile, Pakistan Tehreek-e-Insaf started links with the political parties.
PTI’s secretary general Asad Umar and Senator Ejaz Chaudhary arrived at the centre of Jamaat-i-Islami and met Sirajul Haq.
The country’s political situation and matter of mutual interest were discussed and it was decided to have collaboration between each other.
Political leaders also agreed that the only solution to the current political crisis was found in the constitution and democratic system.
Comments are closed, but trackbacks and pingbacks are open.