Surging Food Prices Push Pakistan Overall Inflation Rate to 10.9% in May 2021
Food prices in Pakistan rose 14.8% in May while the average inflation rate for July-May period of the current fiscal year came in at 8.83%, according to Pakistan Bureau of Statistics. Meanwhile, global food prices have surged by 40% in May , the highest rate in a decade, according to the United Nations Food and Agriculture Organization. Poor harvest due to bad weather and COVID19 pandemic -related disruptions in production and distribution are being blamed. Global Food Prices Soaring. Source: FAO via Financial Times In Pakistan, chicken prices shot up by 60%, followed by 55% increase in prices of eggs, 31% rise in prices of mustard oil and wheat prices were up by 30% year over a year, according to the PBS. Globally, prices of cereals (including wheat) jumped 37%, vegetable oil 124%, meat 10% and sugar 57%. Food Items Seeing Double Digit Price Surges. Source: Bloomberg Higher imports of food items at high prices and increased shipping costs...