Islamabad, October 6, 2023 – Pakistan has reported a significant surge in inflation for essential items, with a staggering increase of 37.07 percent, primarily driven by a massive 118 percent rise in electricity charges, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The inflation figures, based on the Sensitive Price Indicator (SPI), highlight the economic challenges facing the country. The year-on-year trend reveals a sharp increase of 37.07 percent in overall inflation. Notably, electricity charges for Q1 registered an astonishing 118.16 percent increase, contributing significantly to the overall inflation figure. Gas charges for Q1 also witnessed a substantial rise, with an increase of 108.38 percent.
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Other essential items that experienced significant price hikes include cigarettes (94.69%), Rice Basmati Broken (87.60%), Chilies Powder (84.84%), Sugar (79.55%), Rice Irri-6/9 (78.69%), Wheat Flour (77.91%), Gur (67.68%), Tea Lipton (60.72%), Gents Sponge Chappal (58.05%), Salt Powdered (56.48%), Garlic (54.78%), Gents Sandal (53.37%), Petrol (43.70%), and Potatoes (42.99%).
However, there were decreases observed in the prices of certain commodities, including Tomatoes (54.05%), Onions (18.21%), Pulse Gram (2.67%), and Mustard Oil (0.16%).
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The SPI for the current week, ending on October 5, 2023, increased by 0.11%. Notable increases were observed in the prices of food items such as Tomatoes (12.45%), Onions (11.96%), Garlic (2.59%), Potatoes (1.81%), Cooked Daal (1.27%), Eggs (0.84%), Beef (0.53%), and Bread (0.52%). Among non-food items, LPG (3.11%), Firewood (0.76%), and Long Cloth (0.51%) experienced significant increases.
Conversely, major decreases were recorded in the prices of Diesel (3.33%), Chicken (2.78%), Petrol (2.40%), Pulse Masoor (1.80%), Pulse Gram (1.73%), Gur (1.14%), Pulse Moong (0.58%), Pulse Mash (0.33%), Wheat Flour (0.32%), and Vegetable Ghee (0.20%).
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During the week under review, out of 51 items, prices of 19 (37.26%) items increased, 16 (31.37%) items decreased, and 16 (31.37%) items remained stable.
The surge in inflation, especially in essential items and utilities like electricity and gas, poses significant challenges for Pakistan’s economy and the livelihoods of its citizens. The government is likely to face increasing pressure to address these rising costs and their impact on the population.
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