ISLAMABAD: For the first time in over five months, weekly inflation in Pakistan has crossed 40 percent. According to a report by Pakistani media ‘Dawn’, short-term inflation, a benchmark used to measure the Sensitive Price Indicator (SPI), rose to 41.54 percent from 38.42 percent in the week ended on February 23. As a result of inflation, prices of onion, chicken, eggs, rice, cigarettes and fuel are rising sharply in the country.

The hike in prices of essential commodities is the highest annual rise since the week ended on September 8, 2022. SPI Inflation on September 8, 2022 was 42.7 percent. People are worried about the rise in prices of essential commodities. Pakistan's Prime Minister Shahbaz Sharif has announced several measures last week to cut costs. He claimed that the austerity measures would save the country 200 billion annually.

His measures were aimed at reducing the luxury of the cabinet members. For this, the ministers were asked to pay their own utility bills. He also demanded them to auction luxury vehicles and to travel in economy class instead of business class in flights. Sharif also announced that only one dish will be served at all government events.