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CPI Inflation Sky-Rockets to 21.3% in June

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CPI Inflation increased by 21.3% on YoY basis during the month of Jun’22 as compared to an increase of 13.8% in May’22 & 9.7% in June, 2021.

On MoM basis, it increased by 6.3% in June 2022 as compared to an increase of 0.4% in May’22 & decrease of 0.3% in SPLY.

The average inflation of FY22 is 12.15 percent compared to 8.9 percent from the corresponding period last year.

#Just-In: PM has imposed 10% Super Tax on Large Scale Manufacturing Industries

Prime Minister Shahbaz Sharif on Friday said that the government has decided to impose a 10% super tax on large-scale manufacturers including oil, fertiliser, steel , sugar, automobile and textile.

The premier made the announcement after chairing a meeting of his economic team during which important decisions were taken related to budget 2022-23.

In a televised address, the prime minister said that he wants to take the nation into confidence over the government’s measures to stabilise the economy.

The PM said that the decisions, taken by the government, aimed at providing relief to the people due to record inflation and reviving the dwindling economy which was shattered due to the “incompetency and corruption” of the PTI government.

Govt jacks up Petrol Prices by Rs. 30/liter

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Finance Minister Miftah Ismail announced another hike in the prices of petroleum products after the International Monetary Fund (IMF) emphasized the termination of subsidies to revive the bailout program

In a press conference, the finance minister explained that the decision was taken due to the rising prices of petroleum products in the international market.

The minister said that despite the massive increase, the government was still bearing losses.

“The government is still facing a loss of around Rs9 in petrol despite a hike of Rs30 as we are not collecting any tax on the fuel,” the minister said.

After the increase, the new prices are as follows (change to take effect from June 3):

Petrol – hike of Rs30 – new price Rs209.86

Diesel – hike of Rs30 – new price Rs204.15

Kerosene oil – hike of Rs26.38 – new price Rs181.94

Light diesel – hike of Rs30 – new price Rs178.31

CPI Inflation increased by 13.8% in May 2022

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Pakistan CPI inflation increased by 13.8% on YoY basis in May’22 as compared to an increase of 13.4% in Apr’22 & 10.9% in SPLY.

The July-May average inflation is 11.29 percent compared to 8.83 percent from the corresponding period last year.

Govt has increased the Petrol prices by Rs. 30/litre

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Finance Minister Miftah Ismail announced a hike in the price of petroleum products after the International Monetary Fund (IMF) emphasized the termination of subsidies to revive the bailout program.

In a press conference, the finance minister explained that the decision was taken in order to ensure the revival of the IMF programme.

After the increase, the new prices are as follows:

Petrol — Rs179.86

Diesel — Rs174.15

Kerosene oil — Rs155.56

Light diesel — Rs148.31

SBP raised the Policy rate by 150BPS to 13.75%

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The MPC of the State Bank of Pakistan has decided to raise policy rate by 150bps to 13.75%.

This is the highest interest-rate level since 2011 when it stood at 14%.

In a statement, the SBP said that since the last MPC meeting, the provisional estimates suggest that growth in FY22 has been much stronger than expected.

“The MPC decided to raise the policy rate by 150 basis points to 13.75%,” it said on Monday. “This action, together with much needed fiscal consolidation, should help moderate demand to a more sustainable pace while keeping inflation expectations anchored and containing risks to external stability.

“External pressures remain elevated and the inflation outlook has deteriorated due to both home-grown and international factors. Domestically, an expansionary fiscal stance this year, exacerbated by the recent energy subsidy package, has fueled demand and lingering policy uncertainty has compounded pressures on the exchange rate.

Foreign Direct Investment recorded Net Inflow of $170.6Mn in April, 2022

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The Foreign Direct Investment (FDI) recorded an inflow of $170.6Mn during the month of April against the outflow of $30.4mn recorded in March 2022.

While the FDI inched up by 0.95% on YoY basis.

Sector-wise, the Power sector attracted the highest investment of USD 39.22Mn

The State Bank of Pakistan (SBP) reported that Pakistan fetched FDI amounting to $1.455 billion during July-April of FY22 compared to $1.480 billion in the same period last year (FY21) – a decline of $25 million. During the period under review, FDI inflows were $2.161 billion against outflow of $706.2 million.

Govt has imposed ban on the Import of Non-Essential Luxury Items

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The government has imposed a ban on the import of 38 non-essential Luxury Items under an “Emergency Economic plan“.

Under the new policy, the import of all luxury vehicles has been banned. Moreover, a ban has also been imposed on the import of mobile phones, dried fruits, private weapons, crockery, shoes, carpets, tissue paper, furniture, make-up, sunglasses, cigarettes, musical instruments, chocolates, heaters, and other items.

List of banned items

  • Automobiles
  • Mobile phones
  • Home appliances
  • Fruits and dry fruits (except from Afghanistan)
  • Crockery
  • Private weapons and ammunition
  • Shoes
  • Chandeliers and lighting (except energy savers)
  • Headphones and loudspeakers
  • Sauces
  • Doors and window frames
  • Travelling bags and suitcases
  • Sanitary ware
  • Fish and frozen fish
  • Carpets (except from Afghanistan)
  • Preserved fruits
  • Tissue paper
  • Furniture
  • Shampoos
  • Confectionary
  • Luxury mattresses and sleeping bags
  • Jams and jelly
  • Cornflakes
  • Toiletries
  • Heaters, blowers
  • Sunglasses
  • Kitchen ware
  • Aerated water
  • Frozen meat
  • Juices
  • Pasta
  • Ice cream
  • Cigarettes
  • Shaving goods
  • Luxury leather apparel
  • Musical instruments
  • Salon items like hair dryers etc
  • Chocolates