Irfan Ahmed

The sensitive price indicator (SPI) based on inflation for the week ending on August 25 witnessed an increase of 44.58% for the combined consumption group as compared to the corresponding week of the last year, WealthPK reports. The unprecedented rise in inflation is mainly attributed to the massive depreciation of the Pakistani rupee.

According to the Pakistan Bureau of Statistics (PBS), the price of tomatoes increased by 178.10%, onions by 155.14%, diesel by 108.77%, petrol by 94.53%, pulse Masoor by 90.74%, cooking oil per five litres by 70.61%, mustard oil by 67.58%, vegetable ghee by 63.93%, washing soap by 63.27%, electricity tariff by 63.03%, chicken by 55.76% and the rate of pulse gram increased by 55.07%.

On the other hand, the price of powdered chili decreased by 43.42% and sugar by 16.90% while the rate of gur (raw sugar) witnessed a decrease of 1.21%.

According to the PBS, the combined index was at 219.97 points on August 25, 2022, as compared to 216.02 points on August 18, 2022, while the index was recorded at 152.14 points on August 26, 2021. During the week, out of 51 items, prices of 23 (45.10%) commodities increased, that of 07 (13.72%) items decreased and rates of 21 (41.18%) items remained stable.

Tomatoes were one of the key commodities that increased the weekly inflation, with its price registering a rise of 43.09% on a week-on-week basis. Compared to the previous week, the SPI for the combined consumption group in the week under review witnessed an increase of 1.83%.

The price of onions saw an increase of 41.13%, potatoes 6.32%, eggs 3.43%, garlic 2.23%, powdered milk 1.53%, pulse Mash 1.12%, cigarettes 2.26% and price of liquified petroleum gas registered an increase of 1.95%.

On the other hand, a decrease was observed in the prices of pulse Masoor by 1.18%, vegetable ghee by 1.00%, bananas by 0.61%, sugar by 0.28% and mustard oil by 0.07% and cooking oil per five litres by 0.51%.

The prices of 21 items including bread, beef, fresh milk, curd, powdered salt, cooked beef at an average hotel, cooked pulses at an average hotel, ordinary prepared tea, cloths, sandals for gents, sandals for ladies, gas tariff up to 3.3719 MMBTU, Philips energy saver, petrol, diesel and telephone call charges remained stable.

The SPI for the lowest consumption group up to Rs17,732 observed an increase of 2.66% and went up to 225.48 points from 219.64 points last week. On a yearly basis, SPI increased across all quintiles ranging between 37.54% and 45.28%.

Yearly inflation for the group with monthly income from Rs29,518 to Rs44,175 increased by 41.90% while the highest income group with a monthly income above Rs44,175 recorded an increase of 45.28%. Weekly inflation for the group with monthly income from Rs22,889 to 29,517 surged by 2.16%.

In addition, there is a mild difference between the prices of commodities at utility stores and the open market. The prices of different items are lesser at utility stores than that at the open market. The Utility Stores Corporation is giving a special subsidy to consumers on pulses, flour, sugar, rice and ghee under the government’s relief package.

The government has reduced the price of a 20-kilogram gag by Rs428.41, Tota basmati rice by Rs36.24 per kilogram, pulse Masoor by Rs17.85 per kg, gram by Rs14.19, sugar by Rs17.80, Manpasand ghee by Rs150.29, Handi ghee by Rs114.47, white gram by Rs8.70, Super basmati rice by Rs83.00, and Sella rice by Rs76.76 per kilogram at utility stores, according to the information gathered by WealthPK.

Source: Pakistan Bureau of Statistics.

Credit : Independent News Pakistan-WealthPk