Pakistan’s inflation rate has surged to a staggering 32.73%, marking a significant jump of 1.27% in just one week, according to the latest report by the Federal Bureau of Statistics.
The report highlights a concerning scenario where prices of essential goods like onions, eggs, tea, potatoes, and garlic have witnessed an increase. Even basic necessities like gas have become more expensive, adding to the financial burden on households.
The prices of 14 essential items witnessed an upward trend, including onion, eggs, tea, potato, garlic, beef, dal mung, banana, and gas. Conversely, prices of 12 items experienced a decline, with tomatoes, dal mash, lentils, cooking oil, ghee, bread, jaggery, and LPG becoming more affordable.
On an annual basis, raw material prices surged by 167%, while red chili, flour, sugar, jaggery, and garlic also registered substantial increases. However, ghee and cooking oil saw a decrease in prices compared to the previous year.
The report further highlights a persistent rise in inflation rates over the years, with February 2024 recording a 23 percent inflation rate compared to 26 percent in February 2023. The average inflation rate for the current financial year surpassed 28 percent, with urban areas experiencing a rate of 24.9 percent and rural areas at 20.5 percent.
Various sectors witnessed significant price hikes, with gas bills soaring by 319 percent, electricity by 75 percent, and transport services by 35 percent within a year. Additionally, educational materials, newspapers, house rents, and stationery also saw notable increases in prices.
