In Pakistan, the prices of essential items have gone down according to the latest report by the Pakistan Bureau of Statistics (PBS). The Sensitive Price Index (SPI) for the week ending on May 9, 2024, has dropped by 1.39 percent. This decrease is mainly due to lower prices of onions, chicken, wheat flour, LPG, bananas, garlic, rice basmati broken, mustard oil, and sugar.
This marks the fourth consecutive week of decline in Pakistan’s Weekly SPI, with a 1.39 percent drop compared to the previous week. Year-on-year, the SPI has fallen by 22.3 percent, a significant change after 100 weeks.
Out of the 51 items monitored, prices of 12 items increased, while 13 items decreased, and 26 items remained stable during the week. The SPI for the week was recorded at 312.56 points, down from 316.95 points in the previous week.
The decrease in SPI was observed across different consumption groups based on income levels. Prices decreased by varying percentages for groups with different income ranges.
However, some items saw an increase in prices during the same period. These include tomatoes, eggs, potatoes, pulse gram, cooking oil, beef, vegetable ghee, milk, and various pulses.
Opinion:
It’s encouraging to see a decline in prices for essential items in Pakistan, as it eases the financial burden on households. This decrease in inflation, especially for food items, can contribute to improving the living standards of many people. It’s essential for the government to continue monitoring and managing prices to ensure affordability and accessibility of basic necessities for all citizens.
