High Inflation Rates of Poor People to Break Back in Pakistan
According to the latest report from the Pakistan Bureau of Statistics (PBS), weekly inflation in Pakistan increased by about 46.82% year-on-year and around 0.15% week-on-week during the 7-day period ending on April 27.
The rise in the sensitive price indicator (SPI) was attributed to the increase in rates of potatoes, chicken, wheat flour, gur, bread, and rice Irri-6/9, with major increases observed in tomatoes, bananas, onions, sugar, LPG, pulse Masoor, and mustard oil.
Read More: High Rates of Food Affected Millions of People Globally
SPI increased from 251.83 points last week to 252.20 points this week, while around 171.78 points were recorded in the week ending April 28, 2023. Ismail Iqbal Securities warned that another rate hike could discourage businesses and investors, leading to a bad economic condition across the country.
PBS collects prices of 51 important items from 50 markets in 17 cities of the country and compiles with SBP. During the week, rates of 21 items increased, 7 decreased, and 23 remained unchanged from 51 items.
Different commodities have various weight wages in the SPI market, with the highest weights for the lowest quintile on milk, electricity, wheat flour, sugar, firewood, long cloth, and vegetable ghee. The milk and wheat flour rates increased, and the sugar rate decreased, while the rate of electricity, firewood, long cloth, and vegetable ghee remained unchanged from other commodities.
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