ISLAMABAD: Amid an increase in prices of petrol and food commodities, weekly inflation — based on the sensitive price index (SPI) — escalated by 3.35% week-on-week and 42.31% year-on-year during the week ended August 18.
According to the data released by the Pakistan Bureau of Statistics (PBS), the average prices of 25 essential items, vegetables, eggs, chicken, milk and other items rose in the outgoing week.
Prices of 11 items including vegetable ghee, mustard oil, pulses, etc have dropped, while rates for 15 essential goods remained unchanged.
Former adviser to Finance Ministry Dr Khaqan Najeeb said SPI rose due to food prices — tomatoes, chicken and non-food (electricity charges, petrol).
“Supply disruptions due to heavy rain is a matter of concern,” he added.
The combined income group index went up from 209.01 points during the week that ended on August 11 to 216.02 points in the week under review.
The SPI for the lowest income group increased by 1.80% compared to the previous week. The index for the group stood at 219.64 points against 215.76 points in the previous week.
Rapid changes in petrol prices — which has a weightage of 6.7% in the SPI basket — have put huge pressure on the masses, particularly those from the low- and middle-income groups. Moreover, stagnant wages add to the woes.
SPI is computed on weekly basis to assess the price movements of essential commodities at a shorter interval of time to review the price situation in the country. It comprises 51 essential items and the prices are collected from 50 markets in 17 cities of the country.
Former planning minister and PTI leader Asad Umar said that latest inflation of essential items shows this inflation at 42%.
“Unbearable pain being inflicted,” he wrote on Twitter.
Rupee recovers from its all-time low 269.63 after an appreciation of nearly Rs2 in interbank market
Bangladesh plans to use IMF loan to prop up its foreign exchange reserves, which have nosedived from $46bn to $34bn
Fitch Solutions refrains from issuing new forecast until ‘dust settles’; warns of broader economic implication
Ishaq Dar briefs IMF mission on fiscal and economic reforms; Fund agrees on relief for poor through Benazir Income...
Price of 24-carat gold increases Rs1,500 per tola to Rs210,500 per tola
Rupee closes at an all-time low of 269.63 against dollar in interbank market after losing Rs7