Islamabad [Pakistan], Following the introduction of the fiscal year 2024-25 budget, Pakistan has witnessed a notable rise in inflation, with the weekly inflation rate rising by 1.28 percent, as reported by ARY News.
According to the latest weekly report of Pakistan Bureau of Statistics (PBS), the annual inflation rate has increased to 23.59 percent. The report highlights price increases for 29 essential items over the past week, while five items maintained stable prices and 17 saw price reductions.
In particular, tomato prices soared by 70.77 percent, exceeding PKR 200 per kilogram. According to the PBS, flour prices increased by 10.57 percent, milk powder by 8.90 percent, diesel by 3.58 percent, gasoline by 2.88 percent and LPG by 1 .63 percent.
Prices of chicken, pulses and garlic also saw increases, while onion prices decreased by 9.05 percent and potato prices by 1.04 percent in the same period.
Previous reports on July 1 indicated that Consumer Price Index (CPI) inflation stood at 12.6 percent year-on-year in June 2024, compared with 29.4 percent in June a year earlier. On a monthly basis, CPI inflation increased by 0.5 percent in June 2024, in contrast to a decrease of 3.2 percent the previous month and a decrease of 0.3 percent in June 2023.
On June 29, the Pakistani government expanded exemptions in specific sectors and announced new fiscal measures in several areas to generate additional revenue in the next fiscal year to meet International Monetary Fund criteria.
Pakistan's Finance Minister announced the new measures in the National Assembly. These include the introduction of a capital value tax on properties in Islamabad and the implementation of new tax measures for builders and developers, Pakistan's local newspaper reported.
In an amendment to the Finance Bill 2024, which was tabled in the National Assembly on June 12, the government reduced the Petroleum Development Levy (PDL) on diesel and petrol from 80 Pakistani rupees (PKR) to 70 PKR per litre, but increased it from the existing PKR 60.
Despite opposition, exporters will pay the standard corporate tax rate of 29 percent and a super tax where applicable. This is a significant change from the previous 1 per cent tax on export turnover, Dawn reports. Individuals (salaried and non-salaried) and associations of persons earning more than PKR 10 million annually will be subject to a 10 percent surcharge on their income tax.
Amid a deep economic crisis, Pakistan's parliament recently passed a tax-laden finance bill for the next fiscal year, amid ongoing negotiations for a new bailout from the International Monetary Fund (IMF).
According to the latest weekly report of Pakistan Bureau of Statistics (PBS), the annual inflation rate has increased to 23.59 percent. The report highlights price increases for 29 essential items over the past week, while five items maintained stable prices and 17 saw price reductions.
In particular, tomato prices soared by 70.77 percent, exceeding PKR 200 per kilogram. According to the PBS, flour prices increased by 10.57 percent, milk powder by 8.90 percent, diesel by 3.58 percent, gasoline by 2.88 percent and LPG by 1 .63 percent.
Prices of chicken, pulses and garlic also saw increases, while onion prices decreased by 9.05 percent and potato prices by 1.04 percent in the same period.
Previous reports on July 1 indicated that Consumer Price Index (CPI) inflation stood at 12.6 percent year-on-year in June 2024, compared with 29.4 percent in June a year earlier. On a monthly basis, CPI inflation increased by 0.5 percent in June 2024, in contrast to a decrease of 3.2 percent the previous month and a decrease of 0.3 percent in June 2023.
On June 29, the Pakistani government expanded exemptions in specific sectors and announced new fiscal measures in several areas to generate additional revenue in the next fiscal year to meet International Monetary Fund criteria.
Pakistan's Finance Minister announced the new measures in the National Assembly. These include the introduction of a capital value tax on properties in Islamabad and the implementation of new tax measures for builders and developers, Pakistan's local newspaper reported.
In an amendment to the Finance Bill 2024, which was tabled in the National Assembly on June 12, the government reduced the Petroleum Development Levy (PDL) on diesel and petrol from 80 Pakistani rupees (PKR) to 70 PKR per litre, but increased it from the existing PKR 60.
Despite opposition, exporters will pay the standard corporate tax rate of 29 percent and a super tax where applicable. This is a significant change from the previous 1 per cent tax on export turnover, Dawn reports. Individuals (salaried and non-salaried) and associations of persons earning more than PKR 10 million annually will be subject to a 10 percent surcharge on their income tax.
Amid a deep economic crisis, Pakistan's parliament recently passed a tax-laden finance bill for the next fiscal year, amid ongoing negotiations for a new bailout from the International Monetary Fund (IMF).
