Karachi, March 9, 2024 – The prices of essential items in Pakistan have experienced a notable surge, raising concerns among the public as the holy month of Ramadan approaches, according to official statistics released by the Pakistan Bureau of Statistics (PBS).
The data from the PBS reveals a significant increase in the prices of key commodities, with onions, potatoes, and tomatoes recording sharp hikes of 33.86 percent, 23.81 percent, and 16.42 percent, respectively, by the week ending on March 7, 2024, in comparison to the previous week. This sudden spike in prices is adding to the existing economic challenges faced by the country, especially as Ramadan approaches, a time when authorities traditionally aim to stabilize prices to provide relief to the masses.
The inflation, measured by the Sensitive Price Indicator (SPI), rose by 1.11 percent over the previous week ending on February 29, 2024, as reported by the PBS. The SPI is calculated based on the weekly prices of 51 essential items collected from 50 markets in 17 cities across the country.
Among the major contributors to the rising inflation are onions, potatoes, tomatoes, bananas, LPG (liquefied petroleum gas), eggs, petrol, firewood, beef, mutton, cooked dal, and long cloth. Onions witnessed the highest surge at 33.86 percent, followed by potatoes at 23.81 percent and tomatoes at 16.42 percent.
Conversely, some relief was observed in the prices of chicken, tea, cooking oil (5 liters), plain bread, gur, garlic, pulse masoor, and vegetable ghee (1 kg).
Out of the 51 items surveyed during the week, prices of 14 items (27.45%) increased, 14 items (27.45%) decreased, and 23 items (45.10%) remained stable.
Analyzing the year-on-year trend, the data illustrates a substantial increase in the prices of various essential items. Gas charges for Q1 saw a staggering increase of 570.00 percent, while tomatoes, chilies powder, gents sponge chappal, wheat flour, gents sandal, onions, garlic, gur, sugar, and potatoes all recorded significant hikes. On the other hand, certain items witnessed a decrease, including vegetable ghee (1 kg), cooking oil (5 liters), bananas, mustard oil, vegetable ghee (2.5 kg), LPG, chicken, and cigarettes.
The surge in prices raises concerns about the impact on consumers, particularly as Ramadan approaches, a month when the demand for essential items traditionally rises. The government and relevant authorities are now under increased pressure to take swift measures to address the inflationary trends and ensure that the public has access to affordable and essential commodities during this significant religious period.
