Macro Bites

Macro Bite # 65

2 min read
 The Pandora Papers created quite a storm upon initial release, as these things tend to. At least 700 Pakistanis were linked to offshore companies in the papers, including senior politicians, retired military generals, media moguls, and none other than our own Finance Minister Shaukat Tarin. A couple of weeks on however, the papers seem to have been little more than a storm in a teacup. Quite simply, this is because they didn’t really reveal anything new.

WEEKLY DATA WATCH

KSE-100 rose marginally this week, as the IMF released an encouraging growth forecast for Pakistan in FY 2021-2022. PKR depreciated further this week, amid surging prices of international commodities. Local gold prices fell slightly this week.

The annual change in Sensitive Price Index fell to 12.66% vs. 12.94% last week. The poorest of the country (Q1) continue to bear the brunt of increased prices, with a change of 14.12% vs. 12.77% for Q5. On a weekly basis, prices rose for all quintiles by 0.20%.

Increase in prices of Tomatoes (+19.2) and Lipton Tea (+1.48%) contributed to weekly inflation. LPG (+2.07%) also contributed to rising prices this week. A fall in the price of Sugar (-6.28%), Eggs (-3.80%) and Wheat (-0.91%) helped moderate inflation this week.

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What Else We’re Reading (Local)

  • Petrol prices are likely to increase by PKR 9 per litre, in an attempt to boost tax revenue. (Dawn)
  • Thrift shopping, or landa bazaar, is increasingly thriving online under the marketing of “sustainable fashion”. (Profit)

What Else We’re Reading (International)

  • More than a dozen Chinese automakers are, or will soon be, exporting EVs to Europe and the US. (Bloomberg)
  • Brexit has exacerbated supply chain issues in the UK, causing shortages of various products and skills. (FT)

Asad Pabani

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

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