Pakistan: The report of the Sensitive Price Index announced that there is a 30 percent increment in the weekly inflation in Pakistan in comparison to last year. Inflation has happened due to the hike in the prices of food and a couple of fuel items.
The Pakistan Bureau of Statistics (PBS) shared the weekly report and stated that year-on-year (YOY) witnessed a rise of 30.60 percent in the movement in prices of 51 items which was collected from 50 markets in 17 major cities around the country.
It is also expected that the prices might witness further increase in the coming week after the decision of government to increase prices of wheat flour, sugar, and ghee by 25 to 62 percent for sale through the Utility Stores Corporation (USC) to decrease the size of untargeted food subsidies.
There was a hike of 1.1 percent in the price index for the week ending on January 5, 2023. There was also an increment of 501 percent in the price of onion and an 82.5 percent rise in the price of chicken. Along with that, wheat flour and tea have also joined the race of price hikes by over 55 percent and 65.41 percent, respectively.
According to the price of the fuel products, there is a hike in the price of diesel by around 61 percent and pertrol prices by 48.21 percent. Moreover, the prices of eggs witnessed hike by 50.51 percent, while powdered salt rose by 49.50 percent, , pulse moong witnessed a rise of 47 percent, price of broken basmati rice increased by 46 percent.
As per the reports, there is also a reduction in the prices of powdered chilli and electricity costs by around 23 percent and 14 percent, respectively. It is due to the new adjustments in the full cost base.
The SPI also shared the data for the month of January, which is as follows:
- There is an increment in SPIL by 33 percent for the expenditure group between Rs 29,500 to Rs 44,175 per month.
- It has also witnessed a hike of 32 percent for the Rs 22,900-29,500 group and about 30 percent rose for the income group spending under Rs 22,900 per month group.
- The Bananas also witnessed hike in price by 2.97 percent, onions by 2.65 percent, bread by 1.24 percent, powdered salt by 1.07 percent, and pulse moong by 1.02 percent.
- There is a reduction in the prices of pricesof potatoes, eggs, tomatoes, LPG, vegetable ghee, cooking oil, sugar, and pulse masoor from 0.05 to 4.61 percent.