Karachi, April 5, 2024 – As Eid ul Fitr approaches, citizens across Pakistan are grappling with a sharp increase in inflation, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
The Sensitive Price Indicator (SPI) based inflation for the week ending April 4, 2024, surged by 0.96 percent compared to the previous week. Notable spikes were observed in the prices of several essential commodities, exacerbating concerns for consumers.
Key increases were recorded in the prices of Ladies Sandals (12.52%), Tomatoes (11.93%), Gents Sandals (8.70%), Petrol (3.45%), Chicken (2.99%), Long Cloth (2.23%), Onion (1.30%), Bread (1.03%), Beef (0.75%), Garlic (0.70%), Mutton (0.41%), and Rice Basmati Broken (0.14%).
Conversely, certain items experienced a decrease in prices, including Bananas (3.57%), Wheat Flour (2.68%), Eggs, and LPG (1.89% each), Diesel (1.18%), Gur (0.63%), Sugar (0.41%), Mustard Oil (0.26%), Pulse Masoor (0.25%), and Potatoes (0.23%).
Among the 51 items monitored, prices of 16 (31.37%) items witnessed an increase, 13 (25.49%) items saw a decrease, while 22 (43.14%) items remained stable during the week.
The year-on-year trend reflects a significant overall increase in prices, with notable spikes observed in Gas Charges for Q1 (570.00%), Onions (107.59%), Chilies Powder (86.05%), Gents Sandals (66.71%), Gents Sponge Chappal (58.05%), Garlic (53.51%), Tomatoes (35.77%), Gur (34.00%), Salt Powder (32.78%), Energy Saver (29.83%), Pulse Mash (26.98%), and Tea Prepared (23.34%).
Conversely, some items witnessed a decrease in prices compared to the previous year, including Bananas (26.68%), Cooking Oil 5 Litre (20.53%), Vegetable Ghee 1 Kg (17.61%), Vegetable Ghee 2.5 Kg (17.28%), Mustard Oil (14.22%), Wheat Flour (5.86%), Diesel (3.61%), and Cigarettes (0.06%).
As consumers prepare for Eid celebrations, the sharp rise in inflation poses challenges, particularly for households already facing economic strains. The fluctuating prices of essential commodities underscore the need for effective measures to curb inflationary pressures and ensure affordability for all segments of society.
With inflationary concerns looming large, policymakers and stakeholders are urged to address the root causes of price hikes, implement measures to stabilize prices, and alleviate the burden on citizens, especially during festive periods like Eid ul Fitr.
