Weekly inflation spikes 27.57% over previous year

A persistent rise in inflation has remained a major concern among people of Pakistan for a long time. In the past week alone, there had been a noticeable rise of 0.78% week-on-week in the inflation rate, which contributed to annual inflation reading of 27.57%.

People with monthly income ranging from Rs29,518 to Rs44,175 endured an inflation rate of 30.82%, which was higher than the average level.

During the outgoing week, fluctuations in prices of essential commodities were witnessed, with 32 items showing an increase in prices, seven experiencing a decrease and 12 remaining unchanged at previous week’s levels.

As revealed in the weekly inflation report released by the Pakistan Bureau of Statistics (PBS), a range of basic necessities encountered price fluctuations during the week under review.

Lentils, potatoes, tomatoes, garlic, eggs, sugar, beef, mutton, open milk, curd, jaggery and red chilli powder were among the essential items that registered a surge in prices.

Additionally, other commodities like gram pulse, moong pulse, chicken, onion, energy savers, cigarettes, match boxes, liquefied petroleum gas (LPG), fresh milk and petroleum products also recorded price hikes.

Conversely, prices of certain commodities declined. Tomato prices fell by 13.60% while a five-litre container of cooking oil became 1.65% cheaper. Similarly, vegetable ghee prices dropped by 0.43%, firewood by 0.42%, mustard oil by 0.23% and flour by 0.19%.

The price of garlic rose by 5.06%, sugar by 4.02%, jaggery by 3.23% and Basmati rice by 3.06%. The price of chicken increased by 2.83%.

A breakdown of inflation data according to income groups showed that the annual inflation rate for people earning up to Rs17,732 per month was 27.79%.

For the group earning between Rs17,733 and Rs22,888 per month, the inflation rate stood at 25.20% while those that fell within the income bracket of Rs22,889 to Rs29,517 per month faced an inflation rate of 29.55%.

The group earning between Rs29,518 and Rs44,175 per month experienced a 30.82% inflation rate and individuals earning above Rs44,176 per month encountered a relatively lower inflation of 28.48%.

Published in The Express Tribune, August 19^th, 2023.

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