Inflation rate for lower income group soars to 19%: PBS

By: News Desk
Published: 12:00 PM, 13 Nov, 2021
Inflation rate for lower income group soars to 19%: PBS
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According to the weekly inflation report released by the Pakistan Bureau of Statistics, the rate of inflation for the lower income group has jumped to 19%, reported 24NewsHD TV channel on Saturday.

The statistics belie the government claim that inflation is a global phenomenal and we would be through. The rising prices are hitting hard to the poor. During current week, the prices of 30 items have increased. The price of tomatoes has been soared by Rs23/kg, oil price raised by Rs12/litre, diesel and petrol by Rs8/litre. Besides these, all other food items including onion, potato, gur, milk and yogurt have also become dearer. 

The prices of vegetables are also going through the roof and vegetables are also getting out of the access of poor people. 

In Karachi, green peas are being sold for Rs400/kg, garlic for Rs320 and potatoes for Rs80/kg.

On the direction of the government, the Pakistan Bureau of Statistics would release weekly report on inflation measured through the sensitive price index (SPI). According to the statistics, the inflation rose by 1.81% during this week that ended on Nov 11 as compared to the last week. On a week-on-week basis, 1.81% inflation is the highest during last three months. In October, the highest weekly inflation was recorded that was 1.29%.

For the low income group who are earning less than Rs17,000 per month, inflation has soared by 1.55% and for those who are earning more than Rs44,000, the inflation has been increased by 1.79%

Another reason for the government failure to control the food prices in the country is its poor governance. Despite lower prices in the vegetable market, the retailers are selling vegetables at exorbitant prices. For example, the wholesale price of garlic is Rs200 per kg but retailers are selling it at Rs320/kg. 

The vegetable sellers are of the view that the prices are spiraling up due to connivance of vegetable market owners and middlemen.