Food price inflation has been rearing its menacing head for the last couple of years, increasing the strain on lower-middle-income household budgets. According to the Sensitive Price Indicator (SPI), inflation for the week ending on August 26, 2021, has shown an increase of over 0.22 percent as compared to the last week of July. This is despite the continued claims by the government that inflation is under control.
The Sensitive Price Index (SPI) that is calculated on the basis of the prices of 51 essential items from 50 markets across 17 cities of the country recorded an increase of 0.22%. This data has been shared by Pakistan Bureau of Statistics (PBS). Out of 51 items, prices of 22 (43.15%) items increased while those of 5 (9.80%) items decreased and rates of 24 (47.05%) items remained constant.
The most disturbing point to note is that the prices of just five items decreased whereas 22 items showed a consistent uptick in rates. Moreover the prices of 24 items have persistently remained at the same high levels with no respite for the common consumer.
The commodities that have recorded an increase in their average prices range from bananas, basmati rice, beef, chicken, curd, and gram pulse to onions, potatoes, sugar and soap. All these items are of essential need for common people who are already under tremendous pressure because of their depleting livelihood opportunities.
Prime Minister Imran Khan, while presenting his party’s three-year performance report, claimed that when PTI came to power current account deficit was $20 billion but today it has declined to $1.8bn. According to the premier in 2018 foreign reserves were $16.4bn which are now over $27bn. PM Imran said total tax collection in the previous government was Rs3,800bn and now it is Rs4,700bn.
As per the figures presented by the Prime Minister, it is a pleasant surprise that today Pakistan is moving towards economic stability. However, despite such economic recovery, the inflation is constantly increasing and aggravating the troubles of low-middle-income families.
With food price inflation increasing the burden on citizens, the government’s response has been less than adequate. In spite of its claims to the contrary, it has been unable to reduce the burden of spiking domestic food prices by tackling such local factors as supply disruptions and artificial shortages of staples.
Pakistan Tehreek-e-Insaf (PTI) government has overcome economic difficulties, while the development work is also being carried out but the biggest problem at the moment is inflation. This calls for immediate attention by the concerned authorities and the inflation trend for essential commodities needs to be checked on a priority basis to avoid causing further hardship to the people.
