To make matters worse, Ramazan inflation is also likely to hit consumers soon, meaning that prices are only set to rise in the coming weeks.
KSE-100 rose slightly this week, as the Ministry of Finance revealed that ongoing negotiations with the IMF are continuing as planned. PKR depreciated again this week to record lows, as the surge in global energy and commodities prices continues to exert pressure on the current account deficit. Local gold prices also fell this week.
Increase in prices of Chicken (+8.47%) and Cooking Oil (+2.55%) contributed to weekly inflation. A fall in the price of Garlic (-4.94%) and Eggs (-4.13%) helped moderate inflation this week.
What Else We’re Reading (Local)
- After remaining closed for over two years, the Khunjerab border, Pakistan and China’s only land crossing, is finally reopening on April 1, 2022. (Profit)
- Online marketplace Alibaba.com has more than 3,000 Pakistani sellers, a number that has grown rapidly in recent years, with nearly 90% of them hailing from Sialkot. (Dawn)
What Else We’re Reading (International)
- China’s economy is facing possibly the worst slowdown since the pandemic, with Covid-19 outbreaks disrupting production, and a property sector that remains to decline. (Bloomberg)
- The BJP swept to a resounding victory in Uttar Pradesh, India’s most populous state, setting the stage for Narendra Modi’s re-election as Prime Minister in 2024. (WSJ)