Karachi, November 17, 2023: Pakistan grapples with an alarming 42 percent surge in inflation, as revealed by official data released on Friday.
The Pakistan Bureau of Statistics (PBS) reported that the Sensitive Price Indicator (SPI) based inflation experienced a staggering increase of 42 percent on a Year on Year (YoY) basis, with the week ending on November 16, 2023.
This sharp rise in inflation is believed to be primarily attributed to the significant increase in gas prices recently announced by the government. The PBS provided a breakdown of the YoY trend, highlighting the following increases: Gas Charges for Q1 (1108.59 percent), Cigarettes (94.46 percent), Wheat Flour (86.41 percent), Chilies Powdered (81.74 percent), Rice Basmati Broken (76.70 percent), Garlic (63.56 percent), Rice Irri-6/9 (61.91 percent), Gents Sponge Chappal (58.05 percent), Tea Lipton (54.57 percent), Gents Sandal (53.37 percent), Gur (51.01 percent), Sugar (49.96 percent), and Salt Powder (46.37 percent). Conversely, decreases were observed in the prices of Onions (36.22 percent), Tomatoes (14.02 percent), Mustard Oil (3.95 percent), Vegetable Ghee 1 KG (2.05 percent), and Pulse Gram (0.49 percent).
The SPI for the week ending on November 16, 2023, witnessed a 9.95 percent increase over the previous week. Major increases were observed in the prices of Gas (480.00 percent), Tea Lipton (8.88 percent), Pulse Masoor (5.28 percent), Chicken (3.99 percent), Garlic (3.09 percent), Salt Powdered (2.93 percent), Wheat Flour (2.64 percent), Tea Prepared (2.07 percent), LPG (2.03 percent), Potatoes (2.00 percent), and Shirting (1.10 percent). Conversely, significant decreases were noted in the prices of Electricity Charges (16.06 percent), Tomatoes (11.16 percent), Sugar (4.24 percent), Diesel (2.15 percent), Onions (1.49 percent), Vegetable Ghee 1 KG (1.39 percent), Petrol (0.73 percent), Cooking Oil 5 Litre (0.65 percent), Rice Irri-6/9 (0.42 percent), Vegetable Ghee 2.5 KG (0.28 percent), and Gur (0.27 percent).
In the course of the week, out of 51 items, prices of 25 items (49.02 percent) experienced an increase, 13 items (25.49 percent) witnessed a decrease, and 13 items (25.49 percent) remained stable.
The soaring inflation rates present significant challenges to the public, impacting their purchasing power and overall cost of living. The government is likely to face increased pressure to address the economic implications of these surges and implement measures to mitigate the impact on the citizens. The data underscores the importance of monitoring and responding to economic indicators to ensure the overall well-being of the population.
