Pakistan has provided a comprehensive report detailing the increase in petroleum prices over the past year, resulting in inflationary pressure on the general population.
The price hikes, particularly in petrol and high-speed diesel, have had a significant impact on the cost of living.
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Petroleum Price Increases:
According to the Sensitive Price Indicator (SPI) report, the government raised the prices of petrol and high-speed diesel by 80% and 79% respectively. These price adjustments were implemented between May 18, 2022, and May 18, 2023.
Inflationary Impact:
The Pakistan Bureau of Statistics (PBS) revealed that the inflation rate, as measured by the SPI, has increased by 45.72% over the past year. This surge in prices has affected various consumer goods and commodities.
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Year-on-Year Trends:
The year-on-year analysis shows significant increases in prices for several items. The highest price hikes were seen in cigarettes (138.50%), Tea Lipton (114.93%), potatoes (114.69%), gas charges for Q1 (108.38%), bananas (104.44%), and gents’ sponge chappal (100.33%). Notably, the prices of essential items like wheat flour (90.77%), rice basmati broken (86.30%), eggs (85.86%), petrol (79.85%), and diesel (78.68%) have also experienced substantial growth.
Contrasting Trends:
While many items witnessed price escalations, certain commodities experienced price decreases. Tomatoes (-38.30%), onions (-30.18%), and chilies powdered (-6.48%) saw a decline in prices during the analyzed period.
Current Week’s SPI:
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For the week ending on May 18, 2023, the SPI registered a 0.16% decrease. Notable price reductions were observed in food items such as onions (-9.04%), garlic (-1.76%), sugar (-1.42%), and wheat flour (-1.40%). Among non-food items, diesel (-10.38%), petrol (-4.24%), LPG (-3.02%), and firewood (-0.89%) experienced notable decreases. However, certain items, including chicken (7.51%), Tea Lipton (4.53%), and eggs (2.29%), saw price increases during the same period.
Overall Price Fluctuations:
Out of the 51 items included in the analysis, prices of 23 items (45.10%) increased, 13 items (25.49%) decreased, and 15 items (29.41%) remained stable.
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The report highlights the significant impact of rising petroleum prices on inflation in Pakistan. With substantial increases in the prices of essential goods and commodities, the general population is facing increased financial strain. It is crucial for the government to address these price hikes and take measures to mitigate the inflationary pressure on the masses.
