Inflation eases
ISLAMABAD: The annual rate of inflation eases in Pakistan for the first time in six months, to 29.4% in June 2023 from a record high of 38% in May this year.
This decline is linked to reduced demand in the wake of high borrowing costs and a slowdown in price gains due to lower commodity prices.
The biggest slowdown was reported for food & non-alcoholic beverages (39.5% vs 48.7% in May), alcoholic beverages & tobacco (109.5% vs 124%), housing & utilities (11.6% vs 20.5%), and transportation (20.3% vs 53%).
Fruit and vegetables prices showed a mixed trend in June this year as inflation eased to 29%.
Inflation also decelerated for clothing & footwear (21% vs 22.5%), furnishings, household equipment, routine maintenance (42% vs 43.3%), hotels, cafes & restaurants (36.4% vs 42.3%), recreation & culture (68% vs 72.2%).
By contrast, inflation accelerated for education (9% vs 8.4%). On a monthly basis, consumer prices fell by 0.3%, reversing a 1.6% hike in the previous month.
Additionally, the core inflation rate, which excludes volatile items, went up by 18.5% in June, from 20% in May.
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Saudi Arabia launches Skills Verification Program
Meanwhile, Saudi Arabia’s Ministry of Human Resources and Social Development has introduced Skills Verification Program for certain international workers.
They have recently announced the launch of the Skill Verification Program (SVP) in Sri Lanka. The program will focus on five out of the 23 targeted professional specializations.
These specializations encompass plumbing, electricity, automotive electricity, automotive mechanics, as well as refrigeration and air conditioning.
The expansion of the SVP into Sri Lanka is part of the ministry’s broader efforts to reach out internationally. It is an outcome of the SVP’s successful launches in Pakistan, India, and Bangladesh.
The main objective of this program is to verify the skills of workers and enhance the quality of professional work. It will increase productivity, and address the issue of unqualified labor entering the job market in Saudi Arabia.
confirm the necessary details with the test supervisors before proceeding to the examination.
