Prices of basic commodities continued to increase for many Pakistanis in 2023 which turned out to be the most expensive year for them in recent history.

It was a year of political turmoil that affected the country economy and common man’s life. For example, May 2023 recorded the highest levels of inflation at 38% on year-on-year basis and it was the same month that saw violent protests and attacks against state institutions after Imran Khan’s arrest on May 9.

Pakistan salvaged its economy the country and the International Monetary Fund reached a staff-level pact with the South Asian country on a $3-billion stand-by agreement.

On the first day of the New Year, the Pakistan Bureau of Statistics released data for the consumer price index (CPI) for December. The CPI rose 29.7% from a year before.

It also released average monthly prices of 51 essential items for December 2023. In addition to the rates, the table shows the price difference from December 2022 to the last year.

The rate of a 20kg wheat flour bag increased from Rs1,556.73 to Rs2,818.49, showing a difference of 81.05% in one year.

Last year in November, the Food and Agriculture Organisation of the United Nations forecast that Pakistan’s wheat import requirements would decline significantly in the coming year as adequate soil moisture benefits ongoing planting operations of the 2024 wheat crop, almost entirely irrigated.

Pakistan saw its highest-ever inflation in 2023 as the country grappled with its currency depreciation, surging oil prices, and falling reserves.

The IMF agreement seemed to be a lifeline for the country of 241 million people. Caretaker Prime Minister Anwaarul Haq Kakar expressed hope on Monday that Pakistan would receive the next tranche of $700 million out of the $3 billion agreement.