Islamabad, January 5, 2024 – The inflation rate in essential items has surged to an alarming 43 percent year on year (YoY) as of the week ending January 4, 2024, according to the latest data from the Pakistan Bureau of Statistics (PBS).
The PBS released the Sensitive Price Indicator (SPI) based inflation figures, which track price changes in essential items.
The official numbers reveal a significant YoY increase across various essential commodities. The notable uptrends include Gas Charges for Q1 (1108.59%), Tomatoes (94.05%), Cigarettes (93.22%), Chilies Powder (81.74%), Garlic (67.88%), Wheat Flour Bag (65.36%), Gents Sponge Chappal (58.05%), Sugar (57.76%), Rice IRRI-6/9 (54.52%), Gents Sandal (53.37%), Rice Basmati Broken (51.45%), and Gur (48.07%). Conversely, prices have seen a decrease in Onions (12.25%), Mustard Oil (5.40%), Vegetable Ghee 1 KG (1.11%), and Bananas (1.01%).
For the week ending January 4, 2024, the SPI increased by 0.81%. Major contributors to this increase were Tomatoes (16.04%), Chicken (13.98%), Eggs (3.20%), Onions (3.04%), Bananas (2.13%), Pulse Gram (2.12%), Sugar (2.04%), Pulse Moong (1.68%), LPG (1.19%), Firewood (0.51%), and Georgette (0.23%). Meanwhile, significant decreases were observed in the prices of Potatoes (8.68%), Tea Lipton (1.29%), Garlic (0.68%), Cooking Oil 5 Litre & Vegetable Ghee 2.5 KG (0.54% each), Washing Soap (0.47%), Pulse Mash (0.36%), Wheat Flour Bag (0.23%), and Vegetable Ghee 1 KG (0.08%).
During the week, out of 51 items, the prices of 19 (37.25%) items increased, 09 (17.65%) items decreased, and 23 (45.10%) items remained stable. The data underscores the economic challenges faced by consumers as rising inflation in essential items impacts their purchasing power.
The sharp increase in the prices of several key commodities raises concerns about the cost of living for ordinary citizens. This trend may have cascading effects on various sectors of the economy, impacting household budgets, and influencing consumer behavior. Policymakers and economic experts are likely to closely monitor these developments to formulate strategies that address inflationary pressures and ensure economic stability.
The ongoing volatility in essential item prices emphasizes the need for proactive measures to stabilize the market and alleviate the burden on consumers. The government and relevant authorities may explore policy interventions to mitigate the impact of inflation, fostering a more sustainable economic environment for the people of Pakistan.
