Islamabad, January 19, 2024 – Alarming data released by the Pakistan Bureau of Statistics (PBS) on Friday reveals that the inflation of essential prices in Pakistan has surged, nearing a staggering 45 percent.
The Sensitive Price Indicator (SPI), which determines inflation of essential prices on a weekly basis, indicated a year-on-year increase of 44.64 percent for the week ending January 18, 2024.
The breakdown of the year-on-year trend exposes the severity of the situation, with certain items witnessing astronomical price hikes. Gas charges for Q1 saw an astonishing increase of 1108.59 percent, followed by tomatoes at 183.16 percent, cigarettes at 93.22 percent, chilies powder at 81.74 percent, wheat flour at 65.03 percent, garlic at 60.45 percent, and gents sponge chappal at 58.05 percent. Other essentials, including sugar, gents sandal, rice IRRI-6/9, gur, and eggs, experienced increases ranging from 47.54 to 57.26 percent. On the contrary, there were decreases in the prices of mustard oil, bananas, onions, and vegetable ghee by 6.86, 2.39, 2.00, and 1.17 percent, respectively.
The SPI for the week ending on January 18, 2024, recorded an overall increase of 0.34 percent. Major contributors to this rise include onions (8.69%), tomatoes (7.51%), energy sever (2.72%), chicken (2.26%), garlic (2.18%), bananas (2.14%), eggs (1.89%), matchbox (1.67%), pulse mash (1.59%), and pulse moong (1.46%). In contrast, prices decreased for potatoes (3.85%), petrol (2.99%), sugar (0.90%), tea Lipton (0.20%), vegetable ghee 2.5 KG (0.14%), cooking oil 5 liters (0.08%), wheat flour (0.07%), and gur (0.04%).
During the week, out of 51 items, prices of 22 (43.14%) items increased, while 8 (15.68%) items experienced a decrease, and 21 (41.18%) items remained stable. This volatile market scenario indicates the challenges faced by consumers as they grapple with the relentless surge in the prices of essential commodities.
The rising inflation has implications for the average Pakistani household, impacting their purchasing power and overall standard of living. The government faces the challenge of implementing measures to curb inflation and ensure that essential goods remain accessible to the public. Addressing the root causes of inflation, exploring avenues for economic stability, and promoting policies that support price control will be crucial in mitigating the impact of these soaring prices on the citizens.
As the situation unfolds, consumers, businesses, and policymakers alike are closely watching the economic landscape, hoping for measures that will bring relief and stability to the nation’s inflationary pressures. The need for a comprehensive and sustainable strategy to tackle inflation has become more urgent than ever, emphasizing the importance of proactive economic management in challenging times.
