Pakistan experiences 1.36% surge in weekly inflation
Published on: January 13, 2024.
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Weekly Inflation in Pakistan Witnesses 1.36% Increase, Says PBS
The Pakistan Bureau of Statistics (PBS) has reported that the weekly inflation, measured by the Sensitive Price Indicator (SPI), has increased by 1.36% for the combined consumption groups during the week ending on January 11. This increase is significant, indicating the rising cost of essential items for consumers.
According to the PBS data, the SPI for the mentioned week reached 317.92 points, compared to 313.66 points in the previous week. This rise in inflation is alarming and puts pressure on households’ budgets.
When compared to the corresponding week of the previous year, the SPI for the combined consumption group witnessed a substantial increase of 44.16%. This indicates a significant increase in the cost of living for Pakistani citizens.
The SPI, with the base year of 2015-16 = 100, covers 17 urban centers and includes 51 essential items that represent all expenditure groups. This comprehensive assessment provides an accurate measure of price changes for essential goods.
Breaking it down further, the SPI for the lowest consumption group up to Rs. 17,732 showed an increase of 1.20%. It reached 312.23 points compared to 308.53 points in the previous week. Similarly, for consumption groups ranging from Rs. 17,732-22,888, Rs. 22,889-29,517, Rs. 29,518-44,175, and above Rs. 44,175, the SPI increased by 1.34%, 1.29%, 1.28%, and 1.34%, respectively. This increase in prices across all consumption groups suggests a broad impact on all segments of society.
During the week, out of the 51 items included in the SPI calculation, prices of 21 (41.18%) items increased, 8 (15.68%) items decreased, and 22 (43.14%) items remained stable. This indicates a mixed trend in terms of price changes.
Some of the items that experienced a decrease in average prices on a week-on-week basis include potatoes (5.92%), vegetable ghee 1 kg (0.84%), sugar (0.43%), and vegetable ghee 2.5 kg (0.29%). On the other hand, items like tomatoes (15.63%), onions (8.94%), and chicken (6.42%) witnessed a significant increase in their average prices during the same period.
Looking at the year-on-year basis, there were notable differences in price changes. Some items such as mustard oil (7.10%), onion (6.68%), vegetable ghee 1 kg (1.67%), and bananas (1.53%) experienced a decrease in prices. However, commodities like gas charges for Q1 (1108.59%), tomatoes (155.83%), and cigarettes (93.22%) saw a significant increase in prices over the year.
These inflation figures indicate a challenging economic situation for Pakistan. It is crucial for the government and policymakers to address these rising prices and take measures to stabilize the economy, ensuring affordability for the citizens.
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