Rising energy cost makes essential goods dearer

Following the trend of petroleum and energy tariffs, prices of 19 essential commodities witnessed an increase during last week, resulting in an overall impact of 18.58% hike in year-on-year terms.

Latest Sensitive Price Index (SPI) report released by the Pakistan Bureau of Statistics depicts an increase in LPG price during past year of 65.43%, cooking oil 61.26%, vegetable ghee 58.14%, mustard oil 55.29%, washing soap 45.85%, petrol 44.35%, diesel 34.93%, gents sandal 33.37% and chilies 33%, while major decrease was observed in the prices of onions by 31.99%, tomatoes 27.61%, moong pulse 25.03%, potatoes 17.64%, chicken 12.8% and eggs 6.28%.

The SPI data collected from 50 markets in 17 cities of the country shows that out of total 51 sensitive items, prices of 19 items increased, nine showed a decrease and 23 remained unchanged as compared to the previous week. The statistics showed a 3.34% increase in the price of bananas, 3.29% in masoor pulse, 2.83% in gram, 2.78% in mash pulse, 2.32% in moong, 2.19% in soap, 1.65% in onion and 1.17% in the price of match boxes during the week.

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There was an overall 0.07% decline in the prices of essential commodities, including 13.37% in tomato price, 10.59% in chicken. The report shows that the lower-income segment of the society, falling in the income bracket of up to Rs17,732 per month, faced the highest impact of 19.71% on year-on-year basis.

Meanwhile, Jamaat-e-Islami Pakistan staged a protest at Barkat Chowk against the increase in petroleum and energy tariffs. The protesters complained that prices of all essential commodities had multiplied under the present government.

Citing the flour price and gas tariffs, the Mutahida Naan Roati Bakers Association (MNRBA) has announced an increase in roti and naan prices in the provincial capital. MNRBA president Rahim Khan told The Express Tribune that the gas tariff has been increased by almost 37% owing to consumption formula. Similarly, wheat flour bag rates have been jacked up from Rs860 to Rs1,100 per 20kg.

“Now we have decided to increase the roti price from Rs10 to Rs12 and naan from Rs15 to Rs18,” he disclosed. A trader, Muhammad Waqas, highlighted that prices of essential commodities are increasing every other day on the pretext of increase in petroleum cost, depreciation of rupee and energy tariffs.

Manufacturers blame high production and transport cost for increase in prices of essential commodities. A shopkeeper, Rashid Bilal, said price control magistrates impose penalties on small shopkeepers for selling commodities at higher rates but they do not pay attention to the wholesale trade.