Month: November 2021

Pakistan’s Consumer Price Index-based inflation witnessed an increase of 11.53 percent on a year-on-year basis in November 2021 compared to 9.2 percent in the previous month and 8.3 percent in November 2020, according to the Pakistan Bureau of Statistics (PBS).

According to Arif Habib Limited (AHL), the inflation for the month of November is the highest in 21 months. The number clocked in at 12.40 percent in February 2020.

However, PBS later removed the monthly data from the website.

Regarding the removal of the monthly data from the website, PBS officials told ProPakistani that, “PBS releases CPI data on the first day of every month. It appears that PBS mistakenly released the data on the last date of the month and later removed it.”

As per the monthly review of price indices by the PBS on a month-on-month basis, it increased by 3 percent in November 2021 as compared to an increase of 1.9 percent in the previous month and an increase of 0.8 percent in November 2020.

The National Consumer Price Index for November 2021 increased by 2.98 percent over October 2021 and increased by 11.53 percent over the corresponding month of the last year i.e. November 2020.

The CPI inflation Urban, increased by 12 percent on a year-on-year basis in November 2021 as compared to an increase of 9.6 percent in the previous month and 7 percent in November 2020. On a month-on-month basis, it increased by 2.9 percent in November 2021 as compared to an increase of 1.7 percent in the previous month and an increase of 0.6 percent in November 2020.

The CPI inflation Rural, increased by 10.9 percent on a year-on-year basis in November 2021 as compared to an increase of 8.7 percent in the previous month and 10.5 percent in November 2020. On a month-on-month basis, it increased by 3.1 percent in November 2021 as compared to an increase of 2.2 percent in the previous month and an increase of 1.1 percent in November 2020.

The Sensitive Price Index (SPI) inflation on YoY increased by 18.1 percent in November 2021 as compared to an increase of 15.2 percent a month earlier and an increase of 9.9 percent in November 2020. On a MoM basis, it increased by 3.6 percent in November 2021 as compared to an increase of 2.1 percent a month earlier and an increase of 1.1 percent in November 2020.

The Wholesale Price index (WPI) inflation on a YoY basis increased by 27 percent in November 2021 as compared to an increase of 21.2 percent a month earlier and an increase of 5 percent in November 2020. WPI inflation on MoM basis increased by 3.8 percent in November 2021 as compared to an increase of 4.2 percent a month earlier and a decrease of 0.9 percent in corresponding month i.e. November 2020.

Measured by non-food non-energy Urban increased by 7.6 percent on YoY basis in November, 2021 as compared to an increase of 6.7 percent in the previous month and 5.6 percent in November, 2020. On MoM basis, it increased by 1.1 percent in November, 2021 as compared to increase of 0.9 percent in previous month, and an increase of 0.3 percent in corresponding month of last year i.e. November, 2020.

Measured by non-food non-energy Rural increased by 8.2 percent on a YoY basis in November 2021 as compared to an increase of 6.7 percent in the previous month and 7.4 percent in November, 2020. On MoM basis, it increased by 1.8 percent in November 2021 as compared to an increase of 1.0 percent in the previous month, and an increase of 0.3 percent in corresponding month of last year i.e. November, 2020.

Measured by 20 percent weighted trimmed mean Urban increased by 9.8 percent on a YoY basis in November, 2021 as compared to 8.7 percent in the previous month and 6.3 percent in November, 2020. On MoM basis, it increased by 1.7 percent in November, 2021 as compared to an increase of 1.1 percent in the previous month and an increase of 0.2 percent in corresponding month of last year i.e. November, 2020.

Measured by 20 percent weighted trimmed mean Rural increased by 9.5 percent on YoY basis in November, 2021 as compared to 8.2 percent in the previous month and by 9.1 percent in November, 2020. On MoM basis, it increased by 2.2 percent in November, 2021 as compared to an increase of 1.6 percent in the previous month and an increase of 0.4 percent in corresponding month of last year i.e. November, 2020.

The Urban Consumer Price Index of November 2021 increased by 2.86 percent over October 2021 and increased by 11.99 percent over corresponding month of the last year i.e. November 2020.

Top few commodities which varied from previous month and contributed to urban CPI among food which registered increase are tomatoes (131.64 percent), mustard oil (11.6 percent), vegetable ghee (10.87 percent), vegetables (10.47 percent), eggs (10.19 percent), cooking oil (9.71 percent), potatoes (8.85 percent), honey (5.61 percent), fruits (4.37 percent), pulse masoor (3.14 percent), meat (2.63 percent), milk (2.33 percent), fish (1.90 percent), gram whole (1.77 percent), rice (1.73 percent) and sugar (1.43 percent) and decreased in onions (7.97 percent), chicken (4.34 percent) and pulse moong (0.69 percent), according to the PBS data.

Among non-food items, which registered increase are liquefied hydrocarbons (16.32 percent), cleaning and laundering (16.16 percent), motor fuel (8.40 percent), electricity charges (8.32 percent), carpets (3.61 percent), cotton cloth (2.64 percent), motor vehicle accessories (2.43 percent), washing soap, detergents, and match box (2.24 percent), construction input items (1.99 percent) and drugs and medicines (1.63 percent).

On YoY, top few commodities, which varied from the previous year and contributed to the UCPI among food items, which registered increased are vegetable ghee (58.29 percent), mustard oil (56.96 percent), cooking oil (53.59 percent), pulse masoor (22.38 percent), fruits (21.67 percent), meat (20.2 percent), wheat flour (19.04 percent), gram whole (14.69 percent), beans (12.77 percent), milk (11.71 percent), vegetables (10.97 percent), butter (10.83 percent) and wheat (10.26 percent) and decreased in onions (37.68 percent), pulse moong (27.03 percent) and potatoes (17.66 percent)

Among non-food which increased are liquefied hydrocarbons (80.34percent), electricity charges (47.87 percent), motor fuel (40.81 percent), cleaning and laundering (21.17 percent), footwear (16.20 percent), washing soap, detergents and match box (14.41 percent), motor vehicle accessories (13.99 percent), household equipment (12.42 percent) and drugs and medicines (11.76 percent).

The Rural Consumer Price Index of November 2021 increased by 3.15 percent over October 2021 and increased by 10.87 percent over corresponding month of the last year i.e. November 2020.

Top few commodities which varied from previous month and contributed to rural CPI and which increased among food items are tomatoes (150.74 percent), potatoes (8.23 percent), vegetable ghee (7.43 percent), mustard oil (7.23 percent), vegetables (7.15 percent), cooking oil (7.02 percent), eggs (6.03 percent), fruits (4.21 percent), beans (4.10 percent), fish (3.67 percent), tea (3.37 percent), gram whole (2.40 percent), wheat (2.32 percent), meat (2.03 percent) and pulse masoor (1.47 percent) and decreased in onions (11.07 percent), chicken (4.41 percent), condiments and spices (1.66 percent), pulse mash (1.60 percent) and pulse moong (1.34 percent).

Among non-food items, which increased are liquefied hydrocarbons (13.45 percent), woolen readymade garments (9.11 percent), motor fuels (8.76 percent), electricity charges (8.32 percent), readymade garments (3.81 percent), cleaning and laundering (3.44 percent), construction input items (3.20 percent) and woolen cloth (3.17 percent).

On YoY basis, the top few commodities, which varied from previous year which increased and contributed to rural CPI among cooking oil (54.88 percent), mustard oil (54.2 percent), vegetable ghee (53 percent), gram whole (20.56 percent), meat (18.39 percent), pulse masoor (17.88 percent), fruits (15.55 percent), wheat flour (15.48 percent), vegetables (13.41 percent), beans (10.54 percent), besan (10.24 percent), milk (9.62 percent), fish(9.36 percent) and chicken (9.18 percent) and decreased in onions (40.57 percent), pulse moong (26.35 percent), potatoes (23.5 percent) and condiments and spices.

Among non-food items which increased are liquefied hydrocarbons (61.45 percent), electricity charges (47.87 percent), motor fuels (40.22 percent), woolen garments (15.98 percent), hosiery (15.3 percent), construction input items (12.83 percent), washing soaps, detergents and match box (12.71 percent), readymade garments (11.32 percent), clinic fee (11.21 percent), household equipment (11.21 percent), vehicles accessories (11.00 percent) and furniture and furnishing (9.69 percent).

The Wholesale Price Index for November, 2021 increased by 3.79 percent over October, 2021. It increased by 26.97 percent over the corresponding month of the last year i.e. November, 2020.

Top few commodities which varied from previous month and contributed to the WPI inflation and increased included sugar crops (22.26 percent), fertilizers (13.39 percent), chemicals (12.69 percent), vegetable oils (11.06 percent), eggs (10.57 percent), fibre crops (10.57 percent), kerosene oil (10.40 percent), bed foam (10.25 percent), diesel (9.65 percent), potatoes (9.50 percent), motor spirit (9.47 percent), tractors (8.10 percent), vegetable ghee (8.00 percent), steel bar and sheets (7.80 percent), ceramics and sanitary fixture (7.44 percent), woolen carpets (7.02 percent), synthetic carpets (6.78 percent), mobil oil (5.68 percent), woven fabrics (5.66 percent), bricks, blocks and tiles (5.56 percent), steel products (4.79 percent), soaps and detergents (4.71 percent), timber (3.88 percent), hosiery products (3.25 percent), meat (2.55 percent), stimulant and spice crops (2.21 percent), plastic products (2.05 percent) and coffee and tea (1.81 percent) and decreased in bajra (19.83 percent), fruits (9.85 percent), sugar (2.95 percent), poultry (2.42 percent) and other oil seeds (0.80 percent).

YoY top few commodities, which varied from previous year i.e. November, 2020 increased include furnace oil (100.55 percent), fibre crops (80.23 percent), kerosene oil (77.2 percent), cultivators (68.18 percent), steel bar and sheets (64.11 percent), diesel (62.16 percent), vegetable ghee (57.47 percent), other oil seeds (56.32 percent), vegetable oils (50.87 percent), bajra (48.92 percent), fertilizers (46.27 percent), motor spirit (45.42 percent), cotton yarn (45.36 percent), chemicals (41.19 percent), spices (33.34 percent), maize (25.02 percent), silk and rayon fabrics (24.52 percent), woven fabrics (23.67 percent), mobil oil (19.66 percent), meat (18.06 percent), soaps and detergents (17.92 percent), hosiery products (17.19 percent), cement (16.12 percent) and cotton fabrics (14.98 percent) and decreased in stimulant and spice crops (44.72 percent) and potatoes (16.97 percent).

Source: Pro Pakistani

The Oil and Gas Regulatory Authority has announced a reduction in the price of LPG by Rs. 14,314.32 per metric tonne. The new price is to be applicable from December 1, 2021, according to a news release issued on Tuesday.

Currently, the price of LPG per metric tonne is Rs. 216,894.16, whereas the revised price will be Rs. 202,579.84 per metric tonne.

The reduction in LPG per cylinder amounts to Rs. 168.91. Currently, the price lies at Rs. 2,559.35 per cylinder, whereas the revised price will put the cost of a cylinder at Rs. 2,390.44.

The decision to reduce the price of LPG has been made under Oil and Gas Regulatory Authority Ordinance, 2002.

Source: Pro Pakistani

The Turkish Republic of Northern Cyprus (TRNC) is keen on promoting trade relations with Pakistan for the benefit of the people and economies of both countries.

This was stated by Dilsad Senol, Chief of Mission TRNC, in Pakistan, while addressing the business community during her visit to the Islamabad Chamber of Commerce & Industry.

Dilsad Senol said there was no formal trade between TRNC and Pakistan and it was time that both countries should focus on promoting bilateral trade. She noted that agriculture, construction, tourism, education, dairy, and citrus had the potential of developing bilateral cooperation.

She said TRNC mostly imported construction material and it was a good opportunity for Pakistan to export its construction material to the country alongside many other products. She informed the business community that TRNC had developed fine infrastructures with the help of qualified labor. She said her country was offering good incentives to foreign investors.

The Chief of Mission urged the Pakistani investors to explore the TRNC market for investment. She said that common culture and religion also provided good scope to Pakistan and TRNC for promoting business relations. She said that 20 universities were operating in TRNC and over 3,000 Pakistani students were studying in those universities.

Speaking on the occasion, President ICCI, Muhammad Shakeel Munir, said that the business community of Pakistan had developed strong business relations with Turkish counterparts, including the entrepreneurs of TRNC. However, he added, there was a lack of awareness in the Pakistani business community about the opportunities in TRNC. He stressed the need for promoting the exchange of trade delegations to explore all potential areas of mutual cooperation.

President ICCI said that the construction sector was growing in Pakistan and the Special Economic Zones (SEZs) being set up under China-Pakistan Economic Corridor offered attractive opportunities to local and foreign investors. He invited the investors of TRNC to explore investment opportunities in potential sectors of Pakistan, including SEZs. He said Pakistan possessed great reserves of high-quality marble and granite, adding that the two countries should cooperate in sharing the latest technology to promote mechanized mining and produce value-added marble products.

Senior Vice President ICCI, Jamshaid Akhtar Sheikh, and Vice President ICCI, Muhammad Faheem Khan, thanked the TRNC Chief of Mission for visiting ICCI. They emphasized encouraging the exchange of students and enhancing people-to-people contacts to promote trade and economic relations between Pakistan and TRNC.

Source: Pro Pakistani

The Federal Board of Revenue (FBR) has collected net revenue of Rs. 2,314 billion during July-November of the current financial year, exceeding the target of Rs. 2,016 billion by Rs. 298 billion.

According to provisional revenue collection figures for the months July-November of FY22, released on Tuesday, the improvement represents a growth of about 36.5 % over the collection of Rs. 1,695 billion during the same period last year.

FBR met the target of Rs. 408 billion fixed for November 2021 and realized Rs. 470 billion as a net collection (Rs. 62 billion in excess of assigned monthly target), representing an increase of 35.2 % over Rs. 348 billion collected in November 2020. The figures will further improve till the day end and after the book adjustments are taken into account.

On the other hand, the gross collections increased from Rs. 1,783 billion during July-November, 2020 to Rs. 2,437 billion in the current financial year, showing an increase of 36.7%. The number of refunds disbursed was Rs. 123 billion during July-November 2021 compared to Rs. 88 billion last year, showing an increase of 40.5 %.

It is pertinent to mention that after collecting over Rs. 4.7 trillion and exceeding its assigned revenue targets set for the tax year 2020-21, FBR has successfully maintained the momentum set in July 2021. The FBR tax collection posted historic high growth in the first quarter of the current fiscal year. During the first four months (July-October), FBR surpassed its revenue target by Rs. 233 billion.

The performance of FBR during the first five months of the current financial year clearly shows that it will achieve the set target of Rs. 5,829 billion for the year despite the daunting challenges, compelling constraints posed by the COVID-19 pandemic, and sporadic tax cuts announced by the government as relief and price stabilization measures.

Source: Pro Pakistani