close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
December 5, 2020

Weekly inflation continues on downward trajectory

Business

December 5, 2020

ISLAMABAD: Weekly inflation continued to show downtrend for the last couple of weeks with sensitive price indicator (SPI) dipping 0.23 percent over the previous week, minister for planning said on Friday.

“The reduction in the rate of inflation has been sustained now for the past several weeks with SPI consistently in single digit,” said Asad Umar, minister for planning, development and special initiatives. “Sugar prices reduced sharply by 7.5 percent this week after a decline of nearly 5 percent last week.”

Pakistan Bureau of Statistics (PBS) reported that wheat flour price fell 0.38 percent to Rs975/20kg bag, but the astonishing aspect of this figure is that you will not be able to find flour at this price throughout the country, except the government supplies on controlled prices.

In the open market, the price of a 20kg bag of flour is at around Rs1,300. This indicates that PBS is quoting the wheat flour price, not from the open market, but the government own rates.

SPI increased 8.1 percent year-on-year. Last week, it was 7.5 percent, according to PBS.

PBS collects prices data of 51 essential items from 50 markets in 17 cities.

For the lowest income slab with spending up to Rs17,732/month, the SPI was 9.7 percent, while for the group spending more than 44,175/month, it recorded at 7.3 percent.

During the week under review, average prices of 17 items registered increase, 13 items registered a decrease, while prices of 21 items did not show any change.

Tomatoes prices in one week declined 10.8 percent to Rs119 per kilogram, followed by onions 8.5 percent to Rs62/kg, potatoes 7.8 percent to Rs74/kg, sugar 7.6 percent to Rs87/kg, gur 1.4 percent to Rs126/kg, garlic 1.2 percent to Rs234/kg and gram pulse prices were down 0.21 percent to Rs140/kg.

The SPI also recorded an increase in prices of some items. Chicken price increased 10.6 percent to Rs238/kg, followed by diesel 3.9 percent to Rs106.4/liter, eggs 3.2 percent to Rs183/dozen, Bananas 2.4 percent to Rs68/dozen, vegetable ghee 1 percent to Rs250/kg and firewood becomes dearer by 1 percent to Rs717/40kg.

PBS also reported the year-on-year prices movement of items. Chilies Powder price increased 86.3 percent to 280/kg, chicken 67.2 percent to Rs238/kg, eggs 61.6 percent to Rs183, potatoes 61.5 percent to Rs74/kg, match box 24.4 percent to Rs3.1/box, sugar 22 percent to Rs87/kg, washing soap 21.3 percent to Rs52/cake, pulse mash 18.9 percent Rs245/kg, pusle moong 17.8 percent to Rs227/kg, vegetable ghee 17.5 percent to Rs250/kg, cloth 16.6 percent to Rs350/meter, pulse masoor 16.1 percent to Rs158/kg, plain bread 16 percent to Rs56/pack, mustard oil 15.7 percent to Rs236/kg, shirting 15.7 percent to Rs230/meter and gur price increased 15.7 percent to Rs126/kg.

Items that recorded decrease year-on-year included tomatoes (27.7 percent to Rs119/kg), onions (18.5 percent to Rs62/kg), garlic (18.2 percent to Rs234/kg), diesel 15.6 percent to Rs106.4/litre, petrol 11.6 percent to Rs101.6/litre, electricity 9.8 percent to Rs3.9/unit and liquefied petroleum gas price was down 2.4 percent to Rs1421/11.67kg cylinder.