Pakistan’s Weekly Inflation Soars by 43% on Year-over-Year Basis
Published on: December 16, 2023.
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Inflation in Pakistan Surges by 43%: Official Statistics
Islamabad, December 15, 2023 – Pakistan’s weekly inflation has soared by a staggering 43 percent on a year-on-year basis as of December 14, 2023, according to official statistics released by the Pakistan Bureau of Statistics (PBS).
The weekly inflation data, calculated using the Sensitive Price Indicator (SPI), paints a grim picture of the economic challenges faced by the country. The year-on-year trend, as per the PBS report, reveals an alarming increase of 43.16 percent, highlighting a concerning rise in the cost of living.
Categories affected by the SPI demonstrate the severity of the situation. Gas charges for Q1 skyrocketed by an astonishing 1108.59 percent, while essential commodities such as cigarettes (93.22 percent), chilies powder (81.74 percent), wheat flour (81.40 percent), and garlic (71.17 percent) have experienced significant hikes. The prices of various rice varieties, including rice basmati broken (64.30 percent) and rice IRRI-6/9 (60.64 percent), have also witnessed substantial increases.
Surprisingly, everyday items crucial to households, such as gents sponge chappal (58.05 percent), gents sandal (53.37 percent), and sugar (50.52 percent), recorded substantial price hikes. Gur (50.42 percent) and pulse mash (44.80 percent) also saw notable increases.
On the other hand, a few items experienced a decrease in prices, offering a minor relief. Notably, onions saw a decrease of 25.11 percent, followed by mustard oil (4.40 percent), vegetable ghee 1 kg (2.12 percent), bananas (1.05 percent), and vegetable ghee 2.5 kg (0.95 percent).
The SPI for the week ending on December 14, 2023, exhibited a slight decrease of 0.06 percent. Potatoes (12.18 percent), tomatoes (5.18 percent), tea Lipton (2.57 percent), and chicken (1.19 percent) were among the items that experienced notable decreases in prices. However, the relief was marginal, as the prices of essential items such as sugar (6.02 percent), pulse gram (2.57 percent), and eggs (2.33 percent) continued to climb.
Out of 51 items monitored, prices of 19 (37.26 percent) items increased, 10 (19.60 percent) items decreased, and 22 (43.14 percent) items remained stable during the week.
The news of the steep increase in weekly inflation adds to the economic challenges faced by Pakistan, prompting concerns about the impact on citizens’ purchasing power and overall economic stability. As the government grapples with these economic realities, attention turns to potential strategies and policies to address the escalating inflationary pressures.
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