Islamabad, April 19, 2024 – Pakistan has experienced a significant surge of 28.54 percent in the inflation of essential items on a year-on-year (YoY) basis, according to official data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The inflation data, based on the Sensitive Price Indicator (SPI), highlights the substantial increase in prices across various essential commodities over the past year. The notable inflationary pressures have impacted the cost of living for consumers nationwide.
Key highlights from the latest inflation report for the week ended April 18, 2024, include:
Major Increases:
1. Gas Charges for Q1 (570.00%)
2. Onions (155.00%)
3. Tomatoes (126.94%)
4. Chilies Powder (83.62%)
5. Gents Sandal (66.71%)
6. Garlic (65.96%)
7. Gents Sponge Chappal (58.05%)
8. Salt Powder (31.87%)
9. Chicken (30.91%)
10. Energy Saver (29.83%)
11. Gur (27.99%)
12. Pulse Mash (26.39%)
Decreases:
1. Bananas (35.20%)
2. Cooking Oil 5 Litre (20.91%)
3. Vegetable Ghee 2.5Kg (17.65%)
4. Vegetable Ghee 1 Kg (17.61%)
5. Mustard Oil (13.83%)
6. Wheat Flour (11.05%)
7. LPG (6.14%)
8. Eggs (4.51%)
9. Diesel (0.85%)
The SPI for the current week, ending on April 18, 2024, saw a marginal decrease of 0.79%. This decrease was primarily driven by reductions in the prices of Wheat Flour, Bananas, Electricity Charges for Q1, Eggs, LPG, Onion, Chilies Powder, Cooking Oil 5 Litre, Pulse Masoor, and Vegetable Ghee 2.5 Kg.
However, certain essential items experienced notable price increases during the same period, including Potatoes, Tomatoes, Chicken, Lawn printed and Shirting, Garlic, Diesel, Beef, Georgette, Pulse Mash, Cooked Beef, and Sugar.
During the week under review, out of 51 essential items, prices of 22 items (43.14%) increased, 11 items (21.57%) decreased, and 18 items (35.29%) remained stable, reflecting the mixed dynamics of inflationary pressures across different sectors of the economy.
The significant rise in inflation underscores the challenges faced by consumers in managing their household budgets amid increasing costs of essential commodities. Rising inflation rates not only impact individual consumers but also pose broader economic challenges for the country, including reduced purchasing power and potential constraints on economic growth.
As policymakers grapple with these inflationary pressures, efforts to address the root causes of rising prices and ensure stability in essential commodity markets will remain crucial in safeguarding the welfare of the population and promoting sustainable economic development.
The latest inflation data highlights the pressing need for comprehensive measures to mitigate the impact of rising prices on consumers and foster a more stable economic environment in Pakistan.
