News Desk
Islamabad: The Federal Bureau of Statistics has disclosed a staggering 800% increase in gas prices over the past four months, sparking widespread concern.
During a National Assembly session chaired by Deputy Speaker Ghulam Mustafa Shah, detailed reports on inflation and price hikes of essential commodities were presented.
The Federal Bureau of Statistics reported that over the last five years, the price of sugar surged by 53.5%, while palm oil saw a 61% increase. Soybean oil, wheat, and crude oil prices rose by 35% during the same period.
Officials attributed the steep rise in inflation to adjustments in electricity and gas tariffs under the IMF program. The data revealed that in November 2023, gas tariffs were raised by 520%, followed by a 319% hike in February 2024. Similarly, electricity rates were increased by 35% in November 2023 and a further 75% in February 2024.
The Federal Bureau of Statistics emphasized that these unprecedented hikes in energy costs have significantly contributed to overall inflation.
Additionally, the Ministry of Finance disclosed that Rs. 338 billion in taxes were collected from mobile phone users over the past five years, further underscoring the financial burden on consumers.
This sharp escalation in prices has led to mounting demands from political representatives and the public to address the spiraling cost of living.
