KARACHI: In a recent report by the Pakistan Bureau of Statistics (PBS), the weekly inflation in Pakistan, measured by the Sensitive Price Indicator (SPI), has decreased by 0.25 percent during the week ending on September 14, 2023. This decline comes as a positive development for the country’s economy.
The data released by PBS reveals that the Combined Index stood at 279.18, compared to 279.87 on September 7, 2023. Additionally, when compared to a year ago, on September 15, 2022, the index was recorded at 221.14, indicating a notable increase in prices over the year.
Out of the 51 items tracked in the SPI, 24 items experienced an increase in their average prices, while 08 items saw a decrease, and 19 items remained stable.
The items that witnessed a decrease in their average prices on a week-on-week (WoW) basis included Sugar (9.11%), Chicken (5.47%), Eggs (2.79%), Bananas (0.86%), Tea Lipton (0.59%), Pulse Gram (0.57%), Vegetable 1 kg (0.16%), and Cooking Oil 5 Litre (0.10%).
Conversely, some items experienced a significant increase in prices during the same period. These included Tomatoes (4.29%), Garlic (4.21%), Bread (3.92%), Onions (3.60%), Pulse Masoor (3.19%), Salt Powdered (2.77%), Shirting (1.68%), Pulse Moong (1.66%), Lawn Printed (1.32%), Pulse Mash (1.25%), and long Cloth (1.18%).
When considering the year-on-year trend, there has been a substantial increase in prices for certain essential items. Wheat Flour, for instance, saw a staggering rise of 114.37%, while Gas Charges for Q1 surged by 108.38%. Other notable increases include Cigarettes (98.11%), Rice Basmati Broken (91.07%), Sugar (90.27%), and Chilies Powder (84.84%).
In contrast, some items experienced a decrease in prices compared to the previous year. Tomatoes, for instance, saw a notable decrease of 24.55%, while Electricity Charges for Q1 decreased by 21.96%. Additionally, Onions (5.31%) and Pulse Gram (0.26%) also witnessed a decrease in their prices compared to the previous year.
The decrease in weekly inflation is a positive sign for the economy, as it can provide some relief to consumers who have been grappling with rising prices. However, it is essential to closely monitor these fluctuations to ensure that the cost of essential items remains manageable for the general public. The government and relevant authorities must continue to take measures to stabilize prices and support economic growth.