Macro Bites

Macro Bite # 62

2 min read

With the Taliban in charge of Afghanistan, New Zealand cricket abruptly cancelling its tour of Pakistan, and the rupee depreciating to record lows—sometimes it feels as if we’re still stuck in the early 2000s. Personally, I’m just waiting for the return of denim suits and the Beckham mohawk.

 

WEEKLY DATA WATCH

KSE-100 fell this week, partly due to persistent depreciation of PKR against USD. PKR depreciated further this week, amid a widening current account deficit. Local gold prices rose slightly again this week.

The annual change in Sensitive Price Index rose to 14.33% vs. 13.64% last week. The poorest of the country (Q1) continue to bear the brunt of increased prices, with a change of 17.10% vs. 13.88% for Q5. On a weekly basis, prices rose for all quintiles by 1.31%.

Increase in prices of Electricity (+7.23%), Petrol (+4.19%) and Chicken (+3.40%) contributed to weekly inflation. A fall in the price of Tomatoes (-18.59%) and Onions (-7.22%) helped moderate inflation this week.

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What Else We’re Reading (Local)

 

  • What is the significance of PSX being downgraded from an emerging market to a frontier market? (Profit)
  • In a rare moment, both the government and opposition actually agreed on something: the pace of work on CPEC projects has been far too slow. (Dawn)

 

What Else We’re Reading (International)

  • The World Bank’s flagship Ease of Doing Business report has been cancelled after an investigation concluded that staffers had been pressured to alter data affecting the rankings of various countries. (WSJ)
  • India is pitching Iran’s Chabahar port to landlocked Central Asian countries, in direct competition with the China-backed Gwadar port that has similar ambitions. (Bloomberg)

Asad Pabani

Journalist, researcher and documentary filmmaker. Prior works featured in Dawn, Soch Videos and Pioneers Post.

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2 Comments

  1. As always, very insightful and alarming at the same time. Seems like the coming months are going to be difficult.

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