Tag: food prices

  • Cost of living rises in Pakistan: Weekly inflation jumps by 0.81%

    Cost of living rises in Pakistan: Weekly inflation jumps by 0.81%

    In a recent report by the Pakistan Bureau of Statistics (PBS), the Weekly Sensitive Price Indicator (SPI) for the Combined Group witnessed a marginal increase of 0.81 per cent Week on Week (WoW), concluding on January 04, 2024.

    The SPI also exhibited a substantial 42.86 per cent Year on Year (YoY) surge when compared to the corresponding period from the previous year.

    The Combined Index, reflecting the overall price movement, stood at 313.66 as of January 04, 2024, compared to 311.14 on December 28, 2023. In contrast, a year ago on January 05, 2023, the index was reported at 219.56.

    Out of the 51 items considered, the average prices of 19 items experienced an increase, 09 items observed a decrease, and 23 items remained stable throughout the week.

    During this period, notable price hikes were observed in tomatoes (16.04 per cent), chicken (13.98 per cent), eggs (3.20 per cent), onions (3.04 per cent), and bananas (2.13 per cent).

    Moreover, significant decreases were noted in the prices of potatoes (8.68 per cent), tea Lipton (1.29 per cent), garlic (0.68 per cent), and cooking oil 5 litre & vegetable ghee 2.5 kg (0.54 per cent) each.

    Analysing the weekly SPI percentage change across income groups revealed a universal increase ranging from 0.79 per cent to 0.84 per cent. The Lowest Income Group experienced a rise of 0.81 per cent, while the highest income group recorded a slightly lower increase of 0.8 per cent.

    On a yearly basis, the SPI change across different income segments exhibited a general increase ranging from 35.33 per cent to 46.38 per cent. The Lowest Income Group saw a yearly rise of 35.33 per cent, while the highest income group recorded an increase of 41.35 per cent.

    Noteworthy price points in the market included Sona urea, with an average price of Rs4,618 per 50 kg bag, marking a 0.02 per cent increase from the previous week and a substantial 72.45 per cent surge compared to the previous year.

    In contrast, the average Cement price recorded at Rs1,226 per 50 kg bag showed a 0.47 per cent decrease from the previous week but stood 17.43 per cent higher than prices observed last year.

    These fluctuations in the SPI underscore the dynamic nature of the market, reflecting both short-term variations and longer-term economic trends.

    As consumers and businesses navigate these changes, analysts are closely monitoring the SPI for insights into broader economic patterns.

  • Cost of living rises: SPI records increase in weekly inflation 

    Cost of living rises: SPI records increase in weekly inflation 

    The Sensitive Price Indicator (SPI) recorded a slight increase of 0.71 per cent for the week ending November 3, 2023, compared to the previous week.

    According to data from the Pakistan Bureau of Statistics (PBS), the combined index stood at 279.08 on November 3, 2023, up from 277.11 on October 26, 2023, and significantly higher than the index of 214.88 recorded a year ago on November 3, 2022.

    Out of 51 items, the prices of 12 items increased, 14 items decreased, and 25 items remained stable. 

    The most notable price increases were seen in tomatoes (25.58 per cent), onions (25.25 per cent), chicken (10.79 per cent), potatoes (1.61 per cent), Lipton tea (1.58 per cent), eggs (1.30 per cent), garlic (0.50 per cent), basmati broken rice (0.19 per cent), georgette (0.28 per cent), and firewood (0.05 per cent).

    Conversely, significant price decreases were observed in gur (2.66 per cent), bananas (1.78 per cent), 5-litre cooking oil (1.62 per cent), 1 kg vegetable ghee (1.23 per cent), LPG cylinders (1.05 per cent), masoor pulse (0.93 per cent), wheat flour (0.62 per cent), washing soap (0.41 per cent), and mustard oil (0.32 per cent).

    The weekly SPI percentage change across different income groups revealed an increase in SPI for all quantiles, ranging from 0.64 per cent to 0.86 per cent.

  • Annual inflation increases by 29.65% in Pakistan, driven by rising gas prices 

    Annual inflation increases by 29.65% in Pakistan, driven by rising gas prices 

    According to the Pakistan Bureau of Statistics (PBS) report released on Friday, the weekly inflation, as measured by the Sensitive Price Indicator (SPI), exhibited a decline of 0.33 per cent during the week ending on October 19. 

    The Combined Index, as reported by PBS, stood at 277.11, down from 278.04 on October 19, 2023, with a notable contrast to the index of 213.74 recorded on October 27, 2022, a year ago.

    Among the 51 items monitored, the analysis indicates that the average prices of 14 items experienced an increase, 17 items saw a decrease, and 20 items remained stable. 

    Significant reductions were observed in the prices of chicken (10.19 per cent), onions (4.4 per cent), rice IRRI-6/9 (3.84 per cent), bananas (3.64 per cent), gur (3.4 per cent), pulse masoor (2.36 per cent), sugar (2.22 per cent), and mustard oil (2.17 per cent). 

    Conversely, notable price increases were recorded for tomatoes (20.81 per cent), potatoes (3.33 per cent), eggs (1.63 per cent), salt powdered (0.91 per cent), garlic (0.77 per cent), tea prepared (0.67 per cent), bread plain (0.56 per cent), and mutton (0.28 per cent).

    In a year-on-year comparison, the trend reveals an increase of 29.65 per cent in overall inflation, with substantial hikes in gas charges for Q1 (108.38 per cent), cigarettes (94.46 per cent), chilies powder (84.11 per cent), rice basmati broken (78.51 per cent), wheat flour (77.49 per cent), sugar (63.22 per cent), rice irri-6/9 (62.83 per cent), gents sponge chappal (58.05 per cent), gur (57.73 per cent), and salt powdered (54.84 per cent). 

    In contrast, price decreases are observed in tomatoes (31.90 per cent), onions (24.88 per cent), pulse gramme (5.82 per cent), mustard oil (4.16 per cent), and vegetable ghee (1 1 kg) (0.92 per cent).

  • Eggs and tomatoes lead weekly price hikes in latest SPI inflation report 

    Eggs and tomatoes lead weekly price hikes in latest SPI inflation report 

    The latest data from the Pakistan Bureau of Statistics (PBS) reveals that, for the week ending on October 12, the Sensitive Price Indicator (SPI) reflected a notable weekly inflation uptick of 0.30 per cent.

    During this period, the SPI for this particular category surged to 282.86 points, marking a distinct rise from the preceding week’s 282.00 points.  

    Among the 51 items tracked, the price dynamics exhibited a balanced distribution, with 17 items experiencing upward price movements, 17 witnessing price declines, and 17 remaining stable throughout the week. 

    Some of the commodities that observed a decline in prices encompassed sugar (4.47 per cent), pulse gramme (2.75 per cent), bananas (2.47 per cent), pulse moong (2.44 per cent), gur (1.93 per cent), chicken (1.69 per cent), rice irri-6/9 (1.46 per cent), and pulse masoor (1.26 per cent). 

    Conversely, there was a noticeable surge in the prices of several items during the same week, including tomatoes (6.28 per cent), eggs (3.48 per cent), salt powdered (2.75 per cent), cooked beef (1.06 per cent), garlic (1.04 per cent), tea prepared (0.73 per cent), beef (0.39 per cent), potatoes (0.35 per cent), electricity charges for Q1 (8.59 per cent), energy server (0.55 per cent), shirting (0.47 per cent), and LPG (0.31 per cent). 

    For a broader perspective, when evaluating these price changes on a year-on-year basis, it becomes evident that certain commodities have shown significant variations.  

    For instance, tomatoes witnessed a substantial year-on-year decline of 43.53 per cent, while onions experienced a decrease of 16.67 per cent.  

    Furthermore, pulse gramme recorded a drop of 4.01 per cent, and mustard oil saw a more modest decline of 1.19 per cent. These statistics provide valuable insights into the evolving economic landscape and the relative stability of various consumer goods. 

  • SPI index surges to three-week high at 26.41%: Food and energy prices drive inflation

    SPI index surges to three-week high at 26.41%: Food and energy prices drive inflation

    The Sensitive Price Indicator (SPI) index recorded a notable surge, reaching 26.41 per cent for the week ending on September 7, 2023, marking a three-week high. This increase was primarily propelled by the persistent rise in food and energy prices when compared to the same week in the previous year, putting added strain on households’ purchasing power and disposable income.

    Within this week, data from the Pakistan Bureau of Statistics (PBS) revealed that out of 51 items, 32 (62.75 per cent) experienced price increases, 5 (9.80 per cent) saw decreases, while 14 (27.45 per cent) remained unchanged, in contrast to the previous week.

    Food items saw significant price hikes, including a 17 per cent increase in tomato prices, a 10.87 per cent uptick in pulse masoor prices, a 6.73 per cent rise in sugar prices, a 4.66 per cent surge in garlic prices, and a 3.62 per cent uptick in gur prices. Pulse moong prices rose by 3.55 per cent, onions by 3.43 per cent, and pulse gram by 3.25 per cent. Among non-food items, diesel prices soared by 6.28 per cent, LPG (liquefied petroleum gas) increased by 5.19 per cent, and petrol prices rose by 5.12 per cent.

    Conversely, there was a decline in the prices of certain items, including chicken by 3.20 per cent, 5-liter cooking oil by 1.03 per cent, 2.5 kg vegetable ghee by 0.47 per cent, Lipton tea by 0.43 per cent, and 1 kg vegetable ghee by 0.14 per cent, compared to the previous week.

    Looking at the bigger picture, the Consumer Price Index (CPI) revealed that monthly inflation has remained persistently high, averaging 27.8 per cent in the first two months (Jul-Aug) of the current fiscal year 2023-24. This was primarily attributed to recent rupee depreciation, imported inflation, and the continuous ascent of power and petroleum product prices.

    It is anticipated that September’s monthly inflation reading will reach its peak, with experts also suggesting the possibility of the government raising gas prices, further exacerbating inflationary pressures on the economy.

    To combat inflation, the Pakistan central bank is expected to raise its key policy rate by 1.5 to 2 percentage points during its upcoming Monetary Policy Committee (MPC) meeting on September 14. The current policy rate stands at a record high of 22 per cent.

    Topline Research highlighted significant developments since the last MPC meeting on July 31, 2023, including Pakistan posting a current account deficit of $809 million in July after four consecutive months of current account surplus. 

    Additionally, local fuel prices have increased by around 19 per cent, international oil prices in US dollars have risen by 6 per cent, and the rupee has depreciated by 6 per cent against the US dollar. These factors are expected to weigh heavily on the central bank committee’s decision during the upcoming MPC meeting.

  • Pakistan’s weekly inflation reaches record high of 48.35%

    Pakistan’s weekly inflation reaches record high of 48.35%

    According to data from the Pakistan Bureau of Statistics (PBS), the Sensitive Price Indicator (SPI) has risen by 1.05 per cent to reach a record high of 48.35 per cent year-on-year for the week ending May 4. The SPI for the aforementioned week was recorded at 254.84 points, compared to 252.2 points the previous week.

    Of the 51 monitored items, 30 items experienced an increase in average price, while 9 items decreased, and 12 items remained unchanged during the week.

    The items that experienced an increase in average prices on a week-on-week (WoW) basis were chicken (8.91 per cent), potatoes (3.99 per cent), powdered milk (3.81 per cent), pulse gram (1.96 per cent), pulse masoor (1.83 per cent), eggs (1.81 per cent), mutton (1.71 per cent), pulse mash (1.58 per cent), cooked daal (1.36 per cent), and bread (1.13 per cent). The non-food items that saw an increase were gents sponge chappal (58.05 per cent), gents sandal (33.36 per cent), ladies sandal (14.31 per cent), and washing soap (1.27 per cent).

    On the other hand, a decline was seen in the prices of onions (16.69 per cent), garlic (3.44 per cent), tomatoes (3.41 per cent), diesel (1.70 per cent), mustard oil (0.99 per cent), LPG (0.96 per cent), cooking oil 5 litre (0.40 per cent), and vegetable ghee 2.5kg & 1kg (0.10 per cent each).

    Monitored Items Average Price Increase/Decrease
    Chicken +8.91%
    Potatoes +3.99%
    Powdered Milk +3.81%
    Pulse Gram +1.96%
    Pulse Masoor +1.83%
    Eggs +1.81%
    Mutton +1.71%
    Pulse Mash +1.58%
    Cooked Daal +1.36%
    Bread +1.13%
    Onions -16.69%
    Garlic -3.44%
    Tomatoes -3.41%
    Diesel -1.70%
    Mustard Oil -0.99%
    LPG -0.96%
    Cooking Oil 5L -0.40%
    Vegetable Ghee 2.5kg -0.10%
    Vegetable Ghee 1kg -0.10%
  • Pakistan’s inflation rate surges to an all-time high, reaching 38.9% in rural areas

    Pakistan’s inflation rate surges to an all-time high, reaching 38.9% in rural areas

    According to recent reports, the finance ministry’s expectations of high inflation were met due to market frictions caused by the relative demand and supply gap of essential items, exchange rate depreciation, and recent upward adjustment of administered prices of petrol and diesel. However, there was a monthly decline in the inflation rate, which dropped to 3.7 per cent in March compared to February.

    Despite this, the inflation situation has worsened significantly over the months, causing mass distress due to the high prices of almost every edible item. The core inflation rate, which excludes volatile energy and food prices, increased in March to 18.6 per cent in urban areas and 23.1 per cent in rural areas. Experts believe that Pakistan is now heading towards hyperinflation, where prices are out of control and expected to surge by 50 per cent.

    The Pakistan Bureau of Statistics (PBS) reported that the inflation rate in rural areas reached 38.9 per cent, while it surged to 33 per cent in the cities. Food inflation rose sharply to 50.2 per cent in rural areas and increased to 47.1 per cent in urban areas last month. Supply chain disruptions and weak checks have led to a substantial rise in the food inflation rate.

    Unfortunately, both the federal and provincial governments are unable to provide steady essential food supplies, and the prices of most consumer goods remain out of reach for the people. This surge in prices coincides with a significant economic slowdown, and poverty and unemployment levels are rising.

    A majority of the surge in prices was seen in rural areas where income levels were already low. The food group prices rose by 47.15 per cent in March compared to the same month last year. Both perishable and non-perishable food items witnessed unprecedented increases in prices.

    The Wholesale Price Index (WPI), which monitors prices in the wholesale market, also rose sharply to 37.5 per cent in March compared to 23.8 per cent in the same month last year. The inflation rate has remained above 20 per cent since June after the coalition government curtailed imports.

    The overall inflation rate recorded an increase in both urban and rural areas, with urban areas surging to 33 per cent in March, while rural areas soared to 38.9 per cent over the same month last year. In March last year, the inflation rate in urban areas was 11.9 per cent, while in rural areas, it stood at 13.9 per cent.

    The non-food inflation rate increased to 24.1 per cent in urban areas and 28.5 per cent in rural areas compared to 10.4 per cent and 12.5 per cent in the same month last year. Prices of non-perishable food items surged by 46.44 per cent on an annualized basis, and the prices of perishable goods surged by 51.81 per cent year-on-year.

  • Citizens launch fruit boycott campaign to protest against skyrocketing prices

    Citizens launch fruit boycott campaign to protest against skyrocketing prices

    Residents of Rawalpindi and Islamabad have launched the “Fruit Boycott Campaign” due to the increasing prices of fruits throughout the country. The campaign, initiated through social media by concerned citizens, appealed to the public to protest against the inflated prices of fruits.

    Citizens alleged that the inflation of fruits was due to the government officials’ failure to control profiteers and hoarders, and accused officials of having an underhand deal with them to loot the public.

    The campaign aimed at boycotting the purchase of fruits for two days initially, but citizens from all cities participated actively in making the campaign successful.

    According to The News, the campaign was successful, with a significant number of people participating and refusing to buy fruits for four days.

    However, the district administrations of Islamabad and Rawalpindi did not intervene in the situation, despite citizens submitting several complaints about the price hike.

    Sources claimed that profiteers and hoarders had hoarded all kinds of fruits to reap extra profits.

  • Unchecked overcharging: Shopkeepers set their own rates for essential items during Ramzan

    At the start of Ramzan, prices of essential food items have witnessed an uncontrolled surge, with little intervention from the authorities concerned. Shopkeepers are selling essential food items at their desired rates instead of selling at government-announced rates.

    A recent survey of markets in Peshawar reveals an alarming increase in prices of food items, which have continued to soar with each passing day in this holy month.

    A vendor reported that the price of live chicken has surged to Rs350 per kg, while rice prices have increased by Rs70 per kg, reaching Rs335 per kg. Split chickpeas (chana dal) are now selling at Rs220 to Rs260 per kg, and the cost of beans has gone up by Rs60 per kg, with rates jumping from Rs281 to Rs339 per kg. According to a shopkeeper, the cost of spices has surged from Rs150 to Rs200 per kg and now stands at Rs600 per kg in the city.

    Oil and ghee prices have also skyrocketed by Rs62 per kg. Vegetables and fruits have become unaffordable for many, with garlic being sold at Rs360 and ginseng at Rs620 per kg. Peas cost Rs200, Arvi Rs180, Zucchini Rs170, green capsicum Rs150, and tomato Rs120 per kg.

    Fruits have also witnessed an upward trend in prices, with sweet oranges priced at Rs440 per dozen, oranges at Rs400 per dozen, banana at Rs300 per dozen, pomegranate Rs400, Iranian apple at Rs340 per kg, Kohati guava at Rs350, and strawberry costing Rs280 per kg.

    The meat market has also been hit hard by price hikes, with beef now selling at Rs800 to Rs1,000 per kg from its previous price of Rs700 per kg before Ramzan, while mutton prices have increased from Rs1,400 to Rs1,600 per kg and now stand at Rs1,800 per kg.

    Many shopkeepers have been charging prices of their own choosing, as district administration officials have not been able to check rates due to heavy rain and mud-stranded water. Butchers in the local market have expressed their dissatisfaction with the rates issued by the district administration, and have not faced any fines or raids from officials.

  • Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan

    Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan

    The price of wheat flour has hit an all-time high, and this has caused weekly inflation to surge by 1.80 per cent week-on-week and 46.65 per cent year-on-year.

    The Pakistan Bureau of Statistics has attributed this rise in the sensitive price indicator to the increase in prices of several items, including wheat flour, tomatoes, potatoes, and bananas, among others. On the other hand, the PBS has noted a decrease in the prices of chicken, chilli powder, and LPG, among others.

    The increase in the price of wheat flour is due to the government’s change in subsidy mechanism, shifting from general subsidy to a targeted subsidy through the Benazir Income Support Programme. This change has led to a 42 per cent increase in the price of a 20kg bag of wheat flour, which has now reached an all-time high of Rs2,586. As we head into Ramadan, food prices are expected to continue rising, and the March 2023 CPI is expected to come in at 35.5 per cent on a YoY basis.

    Sticky inflation numbers, along with the stalled International Monetary Fund programme, have pushed the State Bank of Pakistan to raise its benchmark interest rate by 300 basis points to a 26-year high. The central bank is expected to raise the policy rate by another 100bps to 21 per cent in its upcoming monetary policy committee meeting on April 4. This rate hike is expected to spread massive poverty among the population.