ISLAMABAD – The Federal Bureau of Statistics has reported an alarming 800% surge in gas prices within just four months.
During a session of the National Assembly, chaired by Deputy Speaker Ghulam Mustafa Shah, officials shared details of the dramatic price hikes. The Bureau also provided insights into food price inflation, revealing a 53.5% increase in the price of sugar and a 61% rise in palm oil prices over the past five years.
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In addition, the Bureau reported a 35% increase in the prices of soybean oil, wheat, and crude oil over the same period. The rising costs of electricity and gas, largely attributed to the International Monetary Fund (IMF) program, were identified as major contributors to overall inflation.
Officials outlined that gas tariffs were raised by 520% in November 2023 and 319% in February 2024. Electricity rates also saw significant increases, with a 35% hike in November 2023 and 75% rise in February 2024. These extraordinary price hikes have played a central role in the overall inflation surge.
Additionally, the Ministry of Finance disclosed that mobile phone users have been charged 338 billion rupees in taxes over the past five years. This tax collection was part of the broader tax details presented by the Ministry.
