Inflation shows slight dip

Amidst the relentless grip of inflation, Pakistan has witnessed a slight respite with a marginal 0.02% decrease in the weekly inflation rate recorded this week. However, the annual inflation rate remains alarmingly high at 37.33 percent.

The most severely affected segment of the population falls within the monthly income bracket of Rs29,518 to Rs44,175, grappling with a staggering 39% inflation rate, according to data released by the Federal Bureau of Statistics.

The weekly report on inflation trends highlights that during the past week, prices of 14 essential items increased, while 14 others saw a decline, with 23 essential items maintaining stable prices.

The overall inflation rate for the week, as per the report, stands at 37.33%. Notable changes in prices over the past week include a substantial rise in onion prices by Rs17.63 per kilogram and garlic by Rs21.58 per kilogram. Essentials like yogurt, mung dal, firewood, milk, and matches also became more expensive, while tomatoes witnessed a decrease of Rs7 per kilogram. Live chicken became cheaper by Rs15.14, and sugar saw a decline of Rs2.49 per kilogram. Additionally, domestic Liquefied petroleum gas (LPG) cylinders witnessed a reduction of Rs13, and a 20 kg bag of flour became cheaper by Rs19.12.

The statistics further reveal that on an annual basis, the inflation rate for those earning up to Rs17,732 per month was recorded at 36.19%. The group with a monthly income between Rs17,733 and Rs22,888 experienced a staggering inflation rate of 39%. Meanwhile, those earning between Rs22,889 and Rs29,517 per month witnessed an inflation rate of 38.21%. The rate stood at 37.14% for those with a monthly income between Rs29,518 and Rs44,175, while individuals earning more than Rs44,176 per month faced a relatively lower inflation rate of 33.28%.

Despite the slight decrease in the weekly inflation rate, the annual figure remains a cause for concern, and efforts to mitigate the impact of rising prices on the most vulnerable segments of the population are imperative.

Published in The Express Tribune, October 1^st, 2023.

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