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With almost a year left for general elections, Turkish President Recep Tayyip Erdogan’s politics has started hurting its economy. Experts fear it’s not going to end well.
WPI inflation has remained in double digit for the seventh consecutive month. Inflation in September this year was at 10.66 per cent, while in October 2020 it was at 1.31 per cent.
Companies from HUL to Nestle have pointed to profit-squeeze, while the likes of Dabur and Britannia have already passed on some of the higher costs to consumers.
According to government data, consumer prices in the United States rose 6.2% in October from a year ago, the sharpest increase since 1990.
Among food items, the price of sugar in Pakistan increased from Rs 54 per kg to over Rs 100 per kg — a whopping increase of 83 per cent.
Retail inflation, which was above 6 per cent during May and June, has started moving down and stood at 4.35 per cent in September.
Imran Khan govt's message to Pakistanis is clear – tie a stone to your stomach, eat grass if need be, and thank your stars that you are on the good side of inflation.
Traders say the spurt in prices is the result of several factors, including surging fuel prices, crop damage in heavy rains, as well as festive demand.
The high rate of inflation was due to the rise in prices of mineral oils, basic metals, non-food articles, food products, crude oil & natural gas, chemicals & chemical products etc.
The key driver of the disinflation has been the moderation in food inflation even as fuel inflation edged up and CPI inflation, excluding food and fuel inflation, remained elevated.