The price of the most important goods more than doubled last year due to the devaluation of the currency and the increase in global prices.
The Pakistan Bureau of Statistics (PBS) announced on Friday that the annualized weekly inflation this week reached 46.65 percent.
According to official statistics, the price of onion increases by 228.28% annually and people have to spend 120.66% more to buy flour. Also, tea increased by 94.60%, banana by 89.84%, rice by 81.51% and potato by 57.21%.
According to PBS statistics, the price of a 20 kg bag of flour, which is one of the most consumed commodities, has increased from 1,817 rupees to 2,586 rupees. A bag of flour was available for purchase last March at Rs 1,172.
Analysts say inflation has risen due to a number of factors, including increased demand for food during Ramadan and the devaluation of Pakistan’s currency.
Samiullah Tariq, director of research at the Pakistan and Kuwait Investment Company, told Arab News: “The demand of Ramadan, the devaluation of the currency and the increase in the price of goods in the international markets are the main factors of the historical increase in inflation.”
Muslim devotees buy dates in the market before breaking the fast on the first day of the holy month of Ramadan, Lahore, March 23, 2023. (AFP/File)
Pakistani consumers have complained in recent months that they are spending more of their income on food.
“I spend more than half of my salary on food to support my family,” said Mohammad Zeeshan, a private office worker. After paying the rent, water and electricity, etc., all my income will disappear by the end of the month.
Inflation, as measured by the consumer price index, more than doubled to 31.5p from a record high of 12.7% last March.
