Gasoline price increase leads to 42% surge in short-term inflation
Published on: November 18, 2023.
Filed under:
Inflation in Pakistan Crosses 40% Due to Soaring Gas Prices
ISLAMABAD: The annual short-term inflation rate in Pakistan has exceeded 40% for the first time in over four months, primarily due to a significant increase in gas prices, according to official data released on Friday by the Pakistan Bureau of Statistics (PBS).
The inflation reading for the week ending November 16th stood at 41.9%, with gas charges witnessing a staggering 1,100% year-on-year increase.
Among other items, cigarettes (94.5%), wheat flour (86.4%), chilli powder (81.7%), broken basmati rice (76.7%), garlic (63.6%), IRRI 6/9 rice (61.9%), tea (54.6%), gur (51%), and sugar (50%) saw the highest price increases.
On the other hand, onions experienced a significant price drop of 36.2% year-on-year, followed by tomatoes (-14%), mustard oil (-3.95%), vegetable ghee (-2%), and pulse gram (-0.5%).
Short-Term Inflation on the Rise
The short-term inflation, measured by the Sensitive Price Indicator (SPI), which assesses the prices of essential commodities and services, witnessed a substantial increase compared to the previous week. It soared to 10% during the week of November 11th to 16th from just 0.73% a week ago.
The SPI, currently at 309, is computed weekly using data from 50 markets in 17 cities, encompassing a basket of 51 items.
According to PBS data, the prices of 25 items increased, 13 items decreased, and 13 items remained mostly unchanged compared to the previous week.
Items such as gas (480%), tea packets (8.9%), pulse masoor (5.3%), chicken (4%), garlic (3%), salt powdered (2.9%), wheat flour (2.6%), tea prepared (2.07%), LPG (2.03%), and potatoes (2%) experienced the highest price increases on a week-on-week basis.
Conversely, the items with the most significant price decreases were electricity charges (-16%), tomatoes (-11.2%), sugar (-4.2%), diesel (-2.2%), onions (-1.49%), vegetable ghee (-1.39%), petrol (-0.73%), and cooking oil (-0.65%).
Sustained Inflationary Trends
The SPI inflation reached a record 48.35% in early May but then gradually declined to 24.4% in late August before surpassing the 40% mark again last week.
Starting from November 1st, the caretaker government implemented a substantial 194% increase in natural gas prices. Additionally, consumers witnessed a significant surge in fixed monthly gas charges, with protected and non-protected consumers experiencing an increase of up to 3,900%.
Despite these challenges, the Pakistani economy continues to operate, and various sectors strive to adapt to the changing market conditions, including the rice industry.
Pakistan Rice Exporters and Suppliers
Pakistan is renowned for its rice exports, with several prominent companies and mills involved in the rice business. Rice suppliers in Pakistan, including rice exporters from Pakistan, play a vital role in meeting international demand.
To support the global market, rice exporters in Pakistan, such as those from HAS Rice Pakistan, ensure a steady supply of high-quality rice products. These suppliers offer various rice types, including basmati rice, such as 1121 Basmati Rice and IRRI 6 rice, which is available in different broken rice percentages, such as white rice 100% broken and white rice 25% broken.
If you are looking for reliable rice suppliers in Pakistan or information on Pakistani rice prices, websites like HAS Rice Pakistan and Pakistan Rice offer comprehensive resources.
Keep yourself updated with the latest news, trends, and pricing information from the rice industry to make informed decisions.
