ISLAMABAD – Pakistan’s inflation rate has climbed to a staggering 32.73%, representing a sharp increase of 1.27% in just one week, according to the latest report by the Federal Bureau of Statistics.
The report paints a concerning picture as prices for essential goods like onions, eggs, tea, potatoes and garlic have all witnessed spikes. Even basic necessities like gas have become more costly, adding to financial pressures on households.
Among 14 tracked essential items, prices rose for onions, eggs, tea, potatoes, garlic, beef, lentils, bananas and gas. However, 12 items saw declines, with tomatoes, some lentils, cooking oil, ghee, bread, jaggery and LPG becoming more affordable.
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On an annual basis, raw material prices jumped 167%, while red chili, flour, sugar, jaggery and garlic also saw major increases. Ghee and cooking oil prices fell versus last year.
Inflation has steadily marched upwards over recent years. February 2024’s rate of 23% compared to 26% in February 2023. The average inflation rate for the current fiscal year has surpassed 28%, with urban areas at 24.9% and rural areas at 20.5%.
Numerous sectors witnessed significant hikes, with gas bills up 319% in a year, electricity up 75% and transport services up 35%. Costs also rose substantially for educational materials, newspapers, housing rents and stationery.
The price increases for essential household goods adds to the financial strain facing many Pakistani families. Authorities are scrambling to control inflation but the upward trend continues.
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