inflation

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Pakistan reached $7 billion with IMF over a 3-year extended fund facility arrangement to address the economic challenges, focusing on tax reforms and austerity measures. The country faces substantial foreign debt, inflation due to the Ukraine war, and increasing poverty levels. IMF forecasted a two percent growth with high inflation rates in the coming years.

Pakistan’s populace has been subjected now to the longest and most intense bout of inflation that it has ever experienced in its history. And it isn’t over yet

Nearly 90 per cent of Japanese households expect prices to rise in a year, the highest level in 16 years. The BOJ will decide on July 30-31 on raising near-zero interest rates implemented in March. With 2 per cent inflation and wage hike targets, June inflation might reach 2.7 per cent. Firms passing on rising costs maintain stable revenues. Market players are divided on rate hikes.

Federal Reserve Chair Jerome Powell emphasized that additional positive economic data would boost confidence that inflation is moving towards the central bank's 2% target, noting recent readings show "modest further progress" on prices. In testimony prepared for a Senate hearing, Powell cautioned that lowering interest rates too little or too late could jeopardize the economy and labor market. He warned that reducing policy restraint prematurely could also hinder or reverse inflation progress.

Retail inflation in India is easing, but volatile food prices could reverse the trend. RBI highlights impact of heatwaves on food prices and the need to monitor weather shocks. Despite a 12-month low in May, vegetable and pulses prices remain high. RBI maintains policy rate at 6.5% to align inflation with its 4% target.

India sees higher acreage of summer-sown Kharif crops in June despite a larger monsoon rainfall deficit compared to last year. Focus on less water-consuming crops like pulses and oilseeds contributes to the increase. Government support through higher MSP for oilseeds and pulses noted.

Milk prices in Pakistan have risen by over 20% following the imposition of a new 18% tax on packaged milk, making it more expensive than in several developed countries. In Karachi, ultra-high temperature (UHT) milk now costs 370 rupees ($1.33) per liter, compared to $1.29 in Amsterdam, $1.23 in Paris, and $1.08 in Melbourne, as per Bloomberg data.

The Pakistani government has reduced petrol prices by Rs 10.20 per litre and HSD prices by Rs 2.33 per litre, providing relief to the inflation-hit populace. Petrol will cost Rs 258.16 per litre, and HSD will be Rs 267.89 per litre. These changes aim to aid Pakistanis facing double-digit inflation since May 2022. Annual inflation has slowed to 17.

Southwest Monsoon covered the entire country ahead of schedule, guiding kharif sowing decisions. Despite deficit rainfall, acreage increased, notably in peninsular India. The onset of monsoon over Kerala and most parts of northeast happened simultaneously on May 30 ahead of its normal date of June 1 and June 5, respectively.