According to data released by the Pakistan Bureau of Statistics (PBS) on Friday, Pakistan has reported a significant increase in inflation for essential items, with a staggering increase of 37.07 percent, primarily driven by a massive 118 percent increase in electricity charges.
Sensitive Price Indicator
The inflation figures, based on the Sensitive Price Indicator (SPI), highlight the country’s economic challenges. The year-on-year trend shows a 37.07 percent increase in overall inflation.
Overall Inflation
Notably, electricity charges increased by 118.16 percent in Q1, contributing significantly to the overall inflation figure. Gasoline prices increased by 108.38 percent in the first quarter of this year.
Inflated Items
Cigarettes (94.69%), Rice Basmati Broken (87.60%), Chilies Powder (84.84%), Sugar (79.55%), Rice Irri-6/9 (78.69%), Wheat Flour (77.91%), Gur (67.68%), Tea Lipton (60.72%), Gents Sponge Chappal (58.05%), Salt Powdered (56.48%), Garlic (54.78%), Gents Sandal (53.37%), Petrol (43.70%).
Certain commodities, however, saw price decreases, including tomatoes (54.05%), onions (18.21%), pulse gram (2.67%), and mustard oil (0.16%).
The SPI increased by 0.11% for the current week, which ended on October 5, 2023. Tomatoes (12.45%), onions (11.96%), garlic (2.59%), potatoes (1.81%), cooked daal (1.27%), eggs (0.84%), beef (0.53%), and bread (0.52%) all saw significant price increases. LPG (3.11%), firewood (0.76%), and long cloth (0.51%) saw significant increases among non-food items.
Diesel (3.33%), Chicken (2.78%), Petrol (2.40%), Pulse Masoor (1.80%), Pulse Gram (1.73%), Gur (1.14%), Pulse Moong (0.58%), Pulse Mash (0.33%), Wheat Flour (0.32%), and Vegetable Ghee (0.20%) all saw significant price decreases.
Prices of 19 (37.26%) items increased, 16 (31.37%) items decreased, and 16 (31.37%) items remained stable during the week under review.
The rise in inflation, particularly in essential items and utilities such as electricity and gas, poses significant challenges to Pakistan’s economy and citizens’ livelihoods.
The government will almost certainly face increased pressure to address these rising costs and their impact on the population.
To read our blog on “IB report revealed mafias agenda behind Pak’s derail economy,” click here