Islamabad, August 18, 2023 – The cost of wheat flour, a staple food for the masses in Pakistan, has experienced an unprecedented surge of over 132%.
This alarming development comes in a nation celebrated for its agricultural strength. Despite being self-reliant in wheat production, Pakistan has been hit by the far-reaching effects of the Russian-Ukrainian conflict, resulting in global wheat price fluctuations.
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According to data released by the Pakistan Bureau of Statistics (PBS), the price of a 20-kg bag of wheat flour has reached Rs 2,830 by the week ending on August 17, 2023. This sharp increase stands in stark contrast to the price of Rs 1,221 for the same quantity during the same week the previous year.
The year-on-year inflation, as indicated by the Sensitive Price Indicator (SPI), has risen by 27.57% overall. Wheat flour, in particular, has experienced an alarming surge of 131.29%. This concerning trend is mirrored in the escalating prices of Gas Charges for Q1 (108.38%), Cigarettes (106.89%), and Tea Lipton (95.19%), among others.
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Though there have been price reductions in items like Onions (28.85%), Electricity for Q1 (21.96%), Pulse Masoor (14.85%), and 1 kg Vegetable Ghee (1.20%), the overall pattern underscores the mounting expenses associated with essential goods.
In the most recent week, ending on August 17, 2023, the SPI has risen by 0.78% compared to the previous week. This increase is especially noticeable in food items such as Chillies Powder (7.58%), Rice Irri-6/9 (7.48%), Garlic (5.06%), as well as non-food items like Diesel (7.29%) and Petrol (6.40%).
However, amidst this fluid situation, certain commodities have experienced price reductions. Notable among these are Tomatoes (13.60%), Cooking Oil 5 litre (1.65%), and Vegetable Ghee 2.5 kg (0.85%).
A closer look at the weekly analysis reveals a broader trend: out of 51 items, prices for 32 (62.75%) have risen, 7 (13.72%) have fallen, and 12 (23.53%) have remained stable.
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As the cost of essential goods continues to rise, concerns are mounting over the impact on the lives of everyday citizens and the overall economy. The volatile market conditions, both domestically and internationally, call for vigilant monitoring and proactive measures to alleviate the repercussions on Pakistan’s populace.
