In the week ending January 11, 2024, Pakistan faced a significant increase in its Sensitive Price Indicator (SPI), reaching a staggering 44.16% higher compared to the same period the previous year. This marks the ninth consecutive week where inflation readings have surpassed 40%, representing the highest year-on-year figure recorded since May 25, 2023.
The surge in inflation is mainly attributed to notable spikes in gas charges for the first quarter, soaring by a substantial 1108.59%. Additionally, prices for tomatoes witnessed a sharp increase of 155.83%, sugar rose by 57.20%, and wheat flour went up by 55.26%.
Looking at the weekly basis, the SPI rose by 1.36%, driven notably by increases in the prices of tomatoes (15.63%), onions (8.94%), chicken (6.42%), electricity charges for Q1 (5.11%), and eggs (4.31%). Among the 51 items considered, 41.18% experienced price hikes during this period.
The surge in prices, especially for essential items like food and gas, is posing a significant challenge for the people of Pakistan.
The consecutive weeks of high inflation rates highlight the pressing economic concerns faced by the country. The government and economic experts may need to explore measures to address these rising costs and provide relief to the citizens grappling with the impact of these inflationary trends.
