Islamabad, August 25, 2023 – The Pakistan Bureau of Statistics (PBS) has reported a slight uptick in inflation by 0.05 percent for the week ending August 24, 2023.
This weekly inflation rate, based on the Sensitive Price Indicator (SPI), is designed to monitor the price fluctuations of essential commodities at shorter intervals to assess the country’s overall price situation. The SPI is calculated using data from 51 essential items collected from 50 markets across 17 cities in Pakistan.
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As of August 24, 2023, the SPI registered a 0.05 percent increase, indicating a subtle but noticeable shift in the cost of living. The most notable increases were observed in the prices of various food items, with Onions leading the surge at 23.56 percent, followed by Pulse Masoor (3.66 percent), Sugar (3.43 percent), Garlic (2.17 percent), Eggs (2.13 percent), Cooked Daal (2.04 percent), and Pulse Mash (1.52 percent). Non-food items also experienced price hikes, particularly Energy savers (1.89 percent) and Long Cloth (1.51 percent).
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Conversely, certain items experienced price decreases during the same week, including Tomatoes (22.16 percent), Chicken (5.44 percent), Rice Irri-6/9 (1.70 percent), Potatoes (1.43 percent), Bananas (1.22 percent), Vegetable Ghee 2.5 kg (0.97 percent), Mustard Oil (0.87 percent), Cooking Oil 5 liters (0.67 percent), Pulse Gram (0.49 percent), LPG (0.43 percent), and Wheat Flour (0.25 percent).
Analyzing the data further, of the 51 items tracked, the prices of 22 items (43.14 percent) increased, 12 items (25.53 percent) decreased, and 17 items (33.33 percent) remained stable during the week.
Looking at the year-on-year trend, inflation has increased by a substantial 25.34 percent. Some of the most significant price hikes over the year include Wheat Flour (129.38 percent), Gas Charges for Q1 (108.38 percent), Cigarettes (102.31 percent), Tea Lipton (93.94 percent), Rice Basmati Broken (89.56 percent), Chilies Powder (86.05 percent), Sugar (81.21 percent), Rice Irri-6/9 (80.54 percent), Gur (63.59 percent), Gents Sponge Chappal (58.05 percent), Salt Powdered (49.09 percent), Chicken (48.58 percent), and Bread (46.37 percent).
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In contrast, certain items have witnessed price decreases over the past year, including Tomatoes (39.96 percent), Onions (37.70 percent), Electricity for Q1 (21.96 percent), Pulse Masoor (10.68 percent), and Vegetable Ghee 1 kg (0.40 percent).
The recent uptick in weekly inflation, combined with the year-on-year trend, highlights the ongoing challenges faced by consumers and policymakers in managing rising costs and ensuring economic stability. It underscores the need for comprehensive measures to address inflationary pressures and stabilize the cost of essential commodities.
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