Weekly SPI inflation up 0.83 percent

KARACHI: The Sensitive price indicator (SPI) for the week ended July 4 increased to 0.83 percent over the previous week, and rose a whopping 12.83 percent as compared to weekly inflation in the corresponding period last year, official data showed on Monday.

Pakistan Bureau of Statistics (PBS) data showed that weekly inflation for the combined income group continued with its upward trend, recording at 259.63 points against 257.50 points recorded in the week ended on June 27.

SPI for income group of up to Rs8,000 increased 0.92 percent during the week under review as compared to the preceding week, while registering 10.54 percent compared to weekly inflation in the corresponding period last year.

Weekly inflation for the group earning Rs8,001 to Rs12,000 increased by 0.90 percent. The SPI for the people earning between Rs12,001 and Rs18,000 increased up to 0.89; and for those making Rs18,001 and Rs35,000 it went up 0.84 percent.

The income group earning above Rs35,000 recorded the lowest increase in inflation at 0.74 percent, however, the weekly SPI increased a whopping 16.77 percent for this quintile compared to the weekly inflation in the corresponding period last year.

PBS computes weekly price trend of 53 essential items from 17 urban centres. Average prices of 38 goods increased during the week ended on July 4 over the previous week.

The items which recorded the highest increase in average prices were LPG cylinder, up 14.74 percent to Rs1,366.96/11kg and broiler chicken, up 10.09 percent to Rs158.40/kg. Other items to record increase were onions, tomatoes, powdered and fresh milk, gur, potatoes, vegetable ghee and cooking oil, eggs, bread, sugar, soap, prepare tea, cigarettes, basmati and

irri-6 rice, pulses and gram, cooked pulses, cloth curd, wheat and flour, beef and mutton, red chilli, kerosene oil, electric bulb, and mustard oil.

The cost of only bananas decreased during the week under review by 6.62 percent to Rs97.07/dozen.

Average prices of 14 items remained unchanged.

Those items included salt, tea, georgette, sandals for both men and women, electricity, gas, firewood, washing soap, matchbox, petrol, high speed diesel, and telephone calls.