The Pakistan Bureau of Statistics (PBS) released data on Thursday showing that the weekly inflation measured by the Sensitive Price Index (SPI) has reached an all-time high of 47.23 per cent year-on-year (YoY) for the week ending April 19.
The increase in food prices was the main driver of this unprecedented inflation.
On a week-on-week (WoW) basis, the short-term inflation rate rose by 0.51 per cent due to the increased costs of food items such as potatoes, tea, bread, chicken, and rice, as well as non-food items such as liquified petroleum gas, petrol, and matchboxes.
The SPI monitors the prices of 51 essential items based on a survey of 50 markets in 17 cities across the country. During the week under review, the prices of 29 items increased, eight decreased, and 14 remained stable.
Last week, the short-term inflation rate was recorded at 44.61 per cent YoY, while for the week ending on March 22nd, it was recorded at an all-time high of 46.65 per cent YoY, which was surpassed by the latest record.
Available data shows that last month, prices in Pakistan rose at the fastest pace ever in the country’s history, with food, beverage, and transport costs driving inflation to a point where analysts feared that “families will have to make choices and sacrifices”.
Moreover, the Consumer Price Index (CPI) recorded a monthly inflation rate of 35.37 per cent in March YoY, the highest annual rate since available data in July 1965, according to the research firm Arif Habib Ltd.
The government has implemented harsh measures, including hikes in fuel and power tariffs, withdrawal of subsidies, a market-based exchange rate, and higher taxation under the International Monetary Fund program to generate revenue for bridging the fiscal deficit. These measures may result in slow economic growth and higher inflation in the coming months.
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