Weekly inflation increases 1.35 per cent

WEB DESK: During the sacred month of Ramazan, Pakistanis grapple with mounting economic pressures as weekly inflation surged by 1.35 per cent for the week ending on March 14.

This increase is primarily attributed to the escalated prices of essential commodities and fuel.

Data released by the Pakistan Bureau of Statistics (PBS) reveals a concerning trend in the Sensitive Price Indicator (SPI) inflation, which has climbed steadily over the past month, registering at 32.89 per cent year-on-year for the reviewed week.

The SPI, tracking 51 key items, indicates a mixed landscape where 18 items experienced price hikes, 10 witnessed a decrease, while 23 remained stable.

Notable spikes include a 21.96 per cent rise in tomato prices, a 21.76 per cent surge in banana costs, and a 7.15 per cent increase in egg prices.

Additionally, onions saw a 5.6 per cent hike, Liquefied Petroleum Gas (LPG) rose by 4.45 per cent, and garlic prices escalated by 3.6 per cent.

Meanwhile, meat prices also edged up, with mutton increasing by 1.7 per cent, beef by 1.5 per cent, and chicken by 1.4 per cent.

In contrast, certain items experienced slight relief, with the price of cooking oil (5 litres), vegetable ghee (2.5 kg), and wheat flour decreasing by 1 per cent.

Sugar prices saw a decline of 0.64 per cent, while gur prices dropped by 0.57 per cent. Basmati broken rice prices decreased by 0.50 per cent, and there were marginal reductions in pulse masoor by 0.17 per cent and pulse mash by 0.15 per cent compared to the previous week.

A deeper analysis of the SPI percentage change across income groups unveils a varied impact.

Lower-income brackets, earning up to Rs17,732 per month, experienced a 27.83 per cent SPI increase, while the highest income groups, with salaries exceeding Rs44,175 per month, saw a 28.9 per cent rise.

Moreover, year-on-year SPI data indicates significant price hikes in essentials, with gas charges surging by 570 per cent, tomatoes by 186 per cent, onions by 90 per cent, and chili powder by 82 per cent.

Everyday items like men’s sponge chappals and sandals also witnessed notable increases.

However, there were some decreases, including a 21 per cent drop in cooking oil (5 litres), a 19 per cent reduction in vegetable ghee (1 kg), and an 18 per cent decrease in vegetable ghee (2.5 kg).

Mustard oil prices fell by 15 per cent, while bananas experienced a marginal decline of 4 per cent.