Irfan Ahmed

The sensitive price indicator (SPI), based on inflation for the last week, witnessed an increase of 42.31 percent for the combined consumption group compared to the corresponding week of the last year, WealthPK reports. Pakistan is experiencing high inflation, due to a massive increase in petroleum prices and depreciation of its currency. The rate of inflation in the country reached 42.31 percent in the last week.

According to the Pakistan Bureau of Statistics (PBS), the price of pulse Masoor registered an increase of 111.02 percent, onions 94.43 percent, cooking oil 72.96 percent, mustard oil 71.08 percent, chicken 69.04 percent, vegetable ghee 1kg 68.56 percent, pulse gram 58.93 percent and pulse Mash 51.51 percent while the rate of garlic raised by 36.59 percent. Among the non-food items, the price of diesel witnessed an increase of 108.77 percent, petrol 94.53 percent, electricity tariff 63.03 percent, washing soap 61.92 percent, and the price of sponge chappal for gents increased by 52.21 percent.

On the other hand, the price of powdered chili witnessed a decrease of 43.42 percent, sugar 16.55 percent and the rate of gur (raw sugar) decreased by 1.96 percent.

According to the PBS, the combined index was at 216.02 points on August 18, 2022, as compared to 209.01 points on August 11, 2022, while the index was recorded at 151.80 points on August 19, 2021.

During the week, out of 51 items, prices of 25 commodities increased, rates of 11 items decreased and 15 items remained stable. Tomato was one of the key commodities that increased the weekly inflation, with its price raising by 20.28 percent on a week-on-week basis. Meanwhile, compared to the previous week, the SPI for the combined consumption group witnessed an increase of 3.35 percent.

Food commodities that saw an increase in prices included chicken by 7.57 percent, onions 2.30 percent, powdered milk 2.03 percent, eggs 1.63 percent, pulse Moong 1.42 percent and rate of potatoes hiked by 1.07 percent. Among the non-food items, the electricity tariff increased by 6.83 percent, petrol 2.96 percent and the price of cigarettes increased by 1.69 percent.

On the other hand, the price of liquified petroleum gas registered a decrease of 3.46 percent, vegetable ghee 1.16 percent, garlic 0.94 percent, mustard oil 0.71 percent, pulse Masoor 0.42 percent, pulse gram 0.36 percent, cooking oil 0.31 percent, diesel 0.18 percent, firewood 0.16 percent and sugar 0.03 percent.

Alternatively, the prices of 15 items remained stable including bread plain, beef with bone, fresh milk, powdered chili, Lipton tea, shirting, Bata sandal for gents, Bata sandal for ladies, natural gas, Philips energy saver, Sufi washing soap, matchbox and telephone call charges.

The SPI for the lowest consumption group up to Rs17,732 observed an increase of 1.80 percent and went up to 219.64 points from 215.76 points in the last week. On a yearly basis, SPI increased across all quintiles ranging between 34.24 percent and 43.30 percent.

Yearly inflation for the group with monthly income from Rs29,518 to Rs44,175 increased by 39.54 percent, while the highest income group with monthly income above Rs44,175 recorded an increase of 43.30 percent in the inflation. Weekly inflation for the group with monthly income from Rs22,889 to 29,517 surged by 3.03 percent.

There is a mild price difference between the prices of items at utility stores and the open market. The prices of commodities at utility stores are lower than in the open market. The Utility Stores Corporation is giving a special subsidy to consumers on pluses, flour, sugar, rice and ghee under the government’s relief package.

The government has reduced the prices of various commodities at utility stores including 20-kilogram bag of flour by Rs421.31, Tota basmati rice by Rs36.07 per kilogram, pulse Masoor by Rs21.76 per kilogram, grams by Rs13.37 per kilogram, sugar by Rs18.05 per kilogram, Manpasand ghee by Rs121.29 per kilogram, Handi ghee by Rs 124.85 per kilogram, white grams by Rs9.39 per kilogram, Super basmati rice by Rs82.36 per kilogram and Sella rice by Rs76.43 per kilogram, according to the information gathered by WealthPK.

Independent News Pakistan-Wealthpk