pakistan experiences significant 42% rise in inflation due to soaring costs of essential items
Published on: November 18, 2023.
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Pakistan Faces 42% Surge in Inflation, Gas Prices Major Culprit
Inflation in Pakistan has reached a worrying 42%, according to official data released on Friday by the Pakistan Bureau of Statistics (PBS). This alarming increase in the Sensitive Price Indicator (SPI) inflation on a year-on-year basis was recorded for the week ending on November 16, 2023.
The primary cause of this sharp rise in inflation is believed to be the recent increase in gas prices announced by the government. The PBS has broken down the year-on-year trend, highlighting significant increases in various sectors. Gas charges for Q1 saw a staggering 1108.59% increase, while cigarettes experienced a 94.46% increase. Other notable increases include wheat flour (86.41%), powdered chilies (81.74%), and broken basmati rice (76.70%). Garlic prices rose by 63.56%, followed by rice irri-6/9 (61.91%), gents’ sponge chappal (58.05%), and Lipton tea (54.57%).
On the other hand, there were price decreases in onions (36.22%), tomatoes (14.02%), mustard oil (3.95%), vegetable ghee (1 kg) (2.05%), and pulse gram (0.49%).
For the week ending on November 16, 2023, the SPI witnessed a 9.95% increase compared to the previous week. The prices of gas showed a significant increase of 480.00%, while Lipton tea increased by 8.88%. Other notable increases include pulse masoor (5.28%), chicken (3.99%), and garlic (3.09%). Conversely, electricity charges decreased by 16.06%, and tomatoes experienced an 11.16% decrease in prices. Sugar prices dropped by 4.24%, diesel by 2.15%, and onions by 1.49%.
Among the 51 items monitored, prices of 25 items (49.02%) increased, 13 items (25.49%) decreased, and 13 items (25.49%) remained stable.
The soaring inflation rates pose significant challenges to the public, impacting their purchasing power and overall cost of living. The government is facing mounting pressure to address the economic implications of these surges and implement measures to alleviate the burden on citizens. It is crucial to monitor and respond to economic indicators to ensure the well-being of the population.
Source: [PK Revenue](https://pkrevenue.com)
