Pakistan inflation soars to 47%, Onions up 228% and wheat up 120%

Pakistan is struggling with a significant shortage of foreign exchange to sustain its balance of payments due to the ongoing economic crisis and IMF loan delay.

Crisis-hit Pakistan recorded a new high in inflation based on sensitive price indicator (SPI) as it went to around 47% year on year (YoY) the week ended March 22, 2023, according to Pakistan Bureau of Statistics (PBS) data. This came following a continued hike in prices of essential commodities.

The report also stated that the country's foreign exchange reserves have risen to $10.14 billion as of the week ending on March 17, 2023. 

Currently, Pakistan is struggling with a significant shortage of foreign exchange to sustain its balance of payments due to the ongoing economic crisis and IMF loan delay. 

Both have been negotiating since early February on an agreement that would release USD 1.1 billion to the cash-strapped, nuclear-armed country of 220 million people, and it's supercritical for the liquidity-challenged country.