ISLAMABAD: Official data released on Friday revealed that weekly inflation has surged to its highest level in over seven months. This increase is primarily attributed to soaring food prices driven by a depreciating currency and rising energy costs, putting significant pressure on household budgets.
The Pakistan Bureau of Statistics (PBS) reported a 1.36 percent rise in the Sensitive Price Indicator (SPI), which monitors the prices of 51 essential items, for the week ending January 11 compared to the previous week. On a year-on-year basis, the SPI inflation rate spiked to 44.16 percent, marking the highest level since May 2023, up from the previous week’s 42.86 percent. The SPI has maintained an above-40-percent level for nine consecutive weeks, indicating sustained inflationary pressures in the economy.
Major contributors to the weekly inflation were food items, including tomatoes, onions, chicken, eggs, and pulses, all experiencing double-digit price hikes. Additionally, electricity charges, LPG cylinders, and matchboxes witnessed an increase.
Latest PBS data revealed a mixed trend in food item prices, with some experiencing reductions while others saw increases. For individuals in the lowest income bracket, earning up to Rs17,732 per month, SPI inflation stood at 36.06 percent, while those in the higher income group, spending more than Rs44,175 per month, recorded an inflation rate of 42.71 percent.
Among the 51 items monitored by SPI, 41.18 percent witnessed an increase, 15.68 percent recorded a decrease, and 43.14 percent remained stable.
During the week, notable price hikes were observed in various commodities, such as tomatoes, onions, chicken, electricity charges, eggs, and matchboxes. Conversely, prices of potatoes, vegetable ghee, sugar, and cooking oil saw decreases.
On a year-on-year basis, substantial increases were noted in gas charges, tomatoes, cigarettes, chilies powder, garlic, gents’ sponge chappal, sugar, wheat flour, gents’ sandal, rice IRRI-6/9, gur, and broken basmati rice.
(Islamabad51_Newsdesk)
