In the past week, prices for chicken, onions, garlic, petrol and diesel rose, while prices for sugar, bananas, tomatoes, wheat flour, cooking oil and tea saw a decline.
According to the Pakistan Bureau of Statistics (PBS), weekly inflation in Pakistan surged by 38.66 per cent year-on-year, primarily driven by higher petroleum prices. The data from PBS indicate that inflation based on the Sensitive Price Indicator (SPI) rose by 0.93 per cent for the week ending on September 21 compared to the preceding week.
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The PBS, as reported by Xinhua news agency, assembled this indicator from 51 essential items obtained from 50 markets across 17 cities in Pakistan. Within the week, prices of 22 of these items went up, prices of 11 items decreased and 18 items maintained their stable prices, according to the data.
The PBS also noted that in the past week, prices for chicken, onions, garlic, petrol and diesel rose, while prices for sugar, bananas, tomatoes, wheat flour, cooking oil and tea saw a decline.
Official data from the PBS revealed that Pakistan experienced another year-on-year rise in short-term inflation last month, reaching 30.82 per cent for the week ending on August 10.
The short-term inflation rate, calculated using the SPI increased by 0.69 per cent on a week-on-week basis. This continuous rise is raising concerns among economists and consumers, indicating a lack of slowdown in inflation.
The week-on-week short-term inflation increased by 0.69 per cent, and its persistent rise is a source of worry for both economists and consumers. When compared to the previous week, prices of 29 items out of the 51 in the SPI basket went up, while prices of five items decreased and 17 items maintained their unchanged prices.
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The World Bank has issued a warning to Pakistan, indicating that in the last fiscal year, the poverty rate in the country has risen to 39.4 per cent. This increase is attributed to severe economic challenges, resulting in over 12.5 million people falling into poverty. To achieve financial stability, immediate measures are necessary.
According to the World Bank, the poverty rate in Pakistan has grown from 34.2 per cent to 39.4 per cent in just one year, pushing over 12.5 million people below the poverty line. In Pakistan, the poverty line is defined as an income level of US$3.65 per day, and currently, about 95 million Pakistanis are living in poverty.
