Last Updated on January 9, 2023, 5:09 AM AST by Anthony Morris
Inflation in Pakistan witnessed a 30% increase compared to the last year. An increase in prices of several essential commodities, including food and fuel items, accompanies this increase in inflation.
As per the reports from Dawn, the number comes from the account of The Pakistan Bureau of Statistics. The Sensitive Price Index (SPI) measures the weekly inflation statistic. The Pakistan Bureau of Statistics gathered information on 51 essential items for their weekly report.
The PBS reports that the Year on Year trend reports an increase of 30.60 per cent. The Dawn also notes that the inflation trend has shown double-digit growth since 2021. In light of the government’s decision to increase wheat, flour, sugar and ghee prices from 25% to 62%, the costs will increase further in the upcoming few months.
The government of Pakistan has announced this increase in prices for sale through the Utility Stores Corporation (USC). This has been done to decrease the size of untargeted food subsidies. Reportedly, the price index for the first week of the year ending on January 5, 2023, showed an increase of 1.1%
The Dawn also reported individual statistics on the increased prices of commodities like Onions (501% increase), Diesel (61%), chicken (82.5%), Wheat flour and tea (45% and 65.41%)
Prices of eggs and powdered salt also saw an increase of up to 50% compared to the same time frame in 2022. While prices for several essential commodities increased, including patrol, pulses, rice etc., some items also dropped. The section above includes: the cost of powdered chilli (23%) and electricity (14%)
Meanwhile, the drop in electricity prices is because of subsequent adjustments in fuel base prices. As per the reports, the Sensitive Price Index was spread across all the income groups. However, the most affected income group was lower and middle-income groups.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
