Pakistan’s weekly inflation surges by 43% year-on-year (YoY).
Published on: December 15, 2023.
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Pakistan Weekly Inflation Surges by 43% Year-on-Year, According to Official Statistics
December 15, 2023 – The latest data released by the Pakistan Bureau of Statistics (PBS) reveals a concerning rise in weekly inflation, with a staggering 43% increase on a year-on-year basis as of December 14, 2023.
The inflation data, calculated using the Sensitive Price Indicator (SPI), paints a grim picture of the economic challenges faced by the country. This alarming trend indicates a significant increase in the cost of living for citizens.
Breaking down the SPI categories highlights the severity of the situation. Gas charges for Q1 experienced an astonishing surge of 1108.59%. Additionally, essential commodities such as Cigarettes (93.22%), Chilies Powder (81.74%), Wheat Flour (81.40%), and Garlic (71.17%) have seen significant price hikes. Prices of various rice varieties, including Rice Basmati Broken (64.30%) and Rice IRRI-6/9 (60.64%), have also witnessed substantial increases.
Surprisingly, everyday household items like Gents Sponge Chappal (58.05%), Gents Sandal (53.37%), and Sugar (50.52%) recorded substantial price hikes as well. Gur (50.42%) and Pulse Mash (44.80%) also saw notable increases.
On the other hand, a few items offered minor relief with decreased prices. Onions saw a decrease of 25.11%, followed by Mustard Oil (4.40%), Vegetable Ghee 1 KG (2.12%), Bananas (1.05%), and Vegetable Ghee 2.5 Kg (0.95%).
The SPI for the week ending on December 14, 2023, exhibited a slight decrease of 0.06%. Notable decreases were observed in the prices of Potatoes (12.18%), Tomatoes (5.18%), Tea Lipton (2.57%), and Chicken (1.19%). However, the relief was marginal, as the prices of essential items such as Sugar (6.02%), Pulse Gram (2.57%), and Eggs (2.33%) continued to climb.
Out of the 51 monitored items, prices of 19 (37.26%) items increased, prices of 10 (19.60%) items decreased, and prices of 22 (43.14%) items remained stable during the week.
The steep increase in weekly inflation adds to the economic challenges faced by Pakistan. Concerns have been raised regarding its impact on citizens’ purchasing power and overall economic stability. As the government grapples with these realities, attention is drawn to potential strategies and policies that can address the escalating inflationary pressures.
Source: [PK Revenue](https://pkrevenue.com){:target=”_blank” rel=”nofollow”}
