pakistan sees 42% rise in inflation due to soaring prices of essential goods
Published on: November 18, 2023.
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Pakistan Faces 42% Inflation Surge: Government Data
In a recent release of official data, the Pakistan Bureau of Statistics (PBS) reported a staggering 42% increase in inflation for Pakistan. This increase was based on the Sensitive Price Indicator (SPI) and compared the week ending on November 16, 2023, to the same week the previous year.
The significant rise in inflation is primarily attributed to the recent increase in gas prices announced by the government. The PBS provided a breakdown of the year-on-year trend, revealing the largest increases in Gas Charges for Q1 (1108.59%), Cigarettes (94.46%), Wheat Flour (86.41%), Chilies Powdered (81.74%), Rice Basmati Broken (76.70%), Garlic (63.56%), Rice Irri-6/9 (61.91%), Gents Sponge Chappal (58.05%), Tea Lipton (54.57%), Gents Sandal (53.37%), Gur (51.01%), Sugar (49.96%), and Salt Powder (46.37%). In contrast, decreases were observed in the prices of Onions (36.22%), Tomatoes (14.02%), Mustard Oil (3.95%), Vegetable Ghee 1 KG (2.05%), and Pulse Gram (0.49%).
Looking at the week ending on November 16, 2023, the SPI witnessed a 9.95% increase compared to the previous week. The major increases in prices were seen in Gas (480.00%), Tea Lipton (8.88%), Pulse Masoor (5.28%), Chicken (3.99%), Garlic (3.09%), Salt Powdered (2.93%), Wheat Flour (2.64%), Tea Prepared (2.07%), LPG (2.03%), Potatoes (2.00%), and Shirting (1.10%). On the other hand, significant decreases were noted in the prices of Electricity Charges (16.06%), Tomatoes (11.16%), Sugar (4.24%), Diesel (2.15%), Onions (1.49%), Vegetable Ghee 1 KG (1.39%), Petrol (0.73%), Cooking Oil 5 Litre (0.65%), Rice Irri-6/9 (0.42%), Vegetable Ghee 2.5 KG (0.28%), and Gur (0.27%).
Out of the 51 items analyzed during the week, 25 items (49.02%) experienced an increase in prices, 13 items (25.49%) witnessed a decrease, and 13 items (25.49%) remained stable.
The soaring inflation rates have significant implications for the public, putting pressure on their purchasing power and overall cost of living. This data highlights the urgent need for the government to address the economic impact and implement measures to alleviate the burden on citizens. Monitoring and responding to economic indicators becomes crucial to ensuring the well-being of the population.
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Source: pkrevenue.com
