Pakistan's weekly inflation rate rises to 27.8%, a 14-year high.

Following a hefty increase in gasoline and diesel prices to satisfy the International Monetary Fund, weekly inflation increased significantly during the week ending June 16, rising 3.38 percent weekly and 27.82 percent annually, marking a 14-year high.

The prices of 71% of the commodities in the sensitive pricing index (SPI) basket increased, according to statistics provided by the Pakistan Bureau of Statistics (PBS) on Friday.

Prices for diesel (up 28.91%), men's sponge chappal (up 26.76%), men's sandal (15.40%), chicken (12.10%), gasoline (11.43%), potatoes (6.89%), electricity costs for Q1 (6.63%), cigarettes (6.27%), cooked daal (5.90%), pulse gramme (5.29%), and cooked beef (5.29%) all increased (5.19 percent ).

The combined group's overall SPI increased by 2.53 percent as a result of the overall impact of these commodity price increases.

Ismail Iqbal Securities' head of research Fahad Rauf connected the rise in the sensitive pricing index (SPI) to significant rises in the cost of chicken, gasoline, and electricity in his note.

"The extent of the increase has not been seen since the 2008 global financial crisis," he said, adding that if electricity and gas price increases are announced soon, inflationary pressures will continue.