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Pakistan’s Weekly Inflation Sees Significant Increase, Mainly Due to Rising Gas Prices

In the week ending on November 16, Pakistan experienced a substantial increase in weekly inflation, reaching 41.90 percent compared to the same period last year. This rise in inflation can be primarily attributed to the soaring cost of gas, as reported by the Pakistan Bureau of Statistics (PBS) on Friday.

The Sensitive Price Index (SPI) indicates a week-on-week inflation surge of 9.95 percent, as revealed by official data released by the PBS. The SPI for the reviewed week stood at 309.09 points, while it was 281.12 points during the previous week.

Out of the total 51 items, the prices of 25 items, accounting for 49.02 percent, have witnessed an increase. On the other hand, prices of 13 items, making up 25.49 percent, decreased, while 13 items (25.49 percent) remained stable.

Among the items that experienced a price increase on a week-on-week basis were gas (480.0 percent), tea packets (8.88 percent), pulse masoor (5.28 percent), chicken (3.99 percent), garlic (3.09 percent), salt powdered (2.93 percent), wheat flour (2.64 percent), tea prepared (2.07 percent), LPG (2.03 percent), potatoes (2.00 percent), and shirting (1.10 percent).

Conversely, the items that saw a decrease in prices included electricity charges (16.06 percent), tomatoes (11.16 percent), sugar (4.24 percent), diesel (2.15 percent), onions (1.49 percent), vegetable ghee 1 kg (1.39 percent), petrol (0.73 percent), cooking oil 5 litre (0.65 percent), rice irri-6/9 (0.42 percent), vegetable ghee 2.5 kg (0.28 percent), and gur (0.27 percent).

It is important to note that Pakistan’s caretaker government has recently approved a significant increase of 3900 percent in natural gas prices for various consumer categories. Protected consumer slabs with gas consumption ranging from 0.25hm3 to 0.9hm3 can expect an increase of up to 300 percent in their gas cost. Furthermore, their annual gas bill is estimated to rise by up to 150 percent.

Commercial consumers will also face substantial tariff hikes, with prices reaching Rs3,900 per mmBtu, Rs4,400 per unit for cement factories, and Rs3,600 per unit for CNG stations.

This surge in weekly inflation highlights the challenges faced by the Pakistani economy. Rising gas prices have a significant impact on the overall cost of living for the country’s residents. It remains crucial for the government to closely monitor the situation and take necessary steps to address inflation and ensure the wellbeing of its citizens.

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