F.P. Report
ISLAMABAD: The rising petroleum and food prices mean that the Sensitive Price Indicators (SPI) – also commonly known as the Sensitive Price Index – witnessed an 0.78 per cent increase for the week ending August 17 as Pakistan continues experiencing a stagnant economy amid record-high interest rates, resulting in a purchasing power crisis for the people.
However, the year-on-year comparison shows that the inflation surged by 27.57pc, which was 30.82pc in the preceding week, shows the data released by the Pakistan Bureau of Statistics.
The SPI covers 51 items and the figures are made public every Friday.
During the week, prices of 32 items increased, seven decreased and 12 remained unchanged.
According to the PBS, the prices of following main food-related commodities increased during the past week: chillies powder 7.58pc, rice irri-6/9 7.48pc, garlic 5.06pc, sugar 4.02pc, gur 3.23pc, rice basmati broken 3.06pc, chicken 2.83pc and bananas 2.72pc.
On the other hand, diesel and petrol prices jumped by 7.29pc and petrol 6.40pc.
As far as the year-on-year comparison is concerned, wheat flour price has jumped by 131.29pc and that of rice basmati broken by 88.76pc and rice irri6/9 by 84.16oc, meaning that the expansive staple food is pushing the overwhelming majority of the country towards food insecurity and malnourishment.
It is also resulting in an increase in mental illnesses – like depression and anxiety. It is an alarming trend as any mention of or discussion on mental illnesses is considered a taboo in our society with the affected people even afraid to express what they are going through.
At the same time, the situation will further worsen given that Pakistan has to implement the harsh IMF conditions that revolve around higher prices of utilities and fuel, making it near impossible for the inflation-hit people to sustain the required food intake.
Meanwhile, the prices of tea Lipton has increased by a whopping 95.19pc, chilies powder 86.05pc, chicken 58.56pc and potatoes 56.30pc when compared with the same week last year.
On the other hand, the SPI for different consumption groups – up to Rs17,732, Rs17,732-Rs22,888, Rs22,889-Rs29,517 and Rs29,518-Rs44,175, above Rs44,175 – increased by 0.36pc, 0.43pc, 0.51pc, 0.64pc and 0.98pc respectively.
