ISLAMABAD: The Sensitive Price Indicator (SPI) based on weekly inflation for the week ending on 11 February witnessed an increase of 0.81 percent on the back of an uptick in prices of essential food items.
According to statistics released by the Pakistan Bureau of Statistics (PBS) today, the combined index was recorded at 142.85 compared to 141.7 on February 4. The index was recorded at 130.85 a year ago, on February 13, 2020.
As per the data, out of 51 monitored items, the average price of 24 items increased, six decreased, while that of 21 items remained unchanged.
The weekly SPI percentage change by income groups showed that inflation augmented across all quantiles ranging between 0.7% and 0.94%. The lowest income group witnessed a weekly increase of 0.77%, while the highest income group recorded an increase of 0.7%.
On a yearly basis, analysis of SPI change across different income segments showed that the SPI increased across all quantiles ranging between 8.31% and 10.26%. Yearly, SPI for the lowest income group increased by 10.14% while, the highest income group recorded an increase of 8.31%.
As per PBS, the recurring surge in petroleum prices has reflected adversely on prices of the essential commodities, as inflation statistics expressed an incremental rise attributable to the costs of transportation.
“Prices of poultry meat, eggs, sugar, and wheat, among other things, recorded a significant rise during the week,” PBS stated.
Poultry meat, one of the most essential food items reflected valuable on inflation basket, went up to Rs17 per kilogram, while eggs (dozen) are now Rs6 costlier. The price of sugar also surged Rs3 per kilogram.
The PBS also recorded an increase in the prices of cooking oil, condiments, ghee, toiletries, and power utility. The cost of a 2.5kg tin pack of ghee went up to Rs10, according to the weekly price monitor report.
Despite a remarkable income tax collection by the Federal Board of Revenue (FBR), tall claims regarding economic improvement by the government the masses still under the grip of inflation as the authorities failed to control the prices of essential commodities.
The cost of every notable consumer item including medicines, beef, house rent, gold and cars increased significantly, affecting all types of income groups of consumers in the country.
The people had failed to get subsidized items, including sugar, ghee, rice, pulses and flour. The shortage of essential items in the utility stores had created tension for the people visiting the stores for getting edibles at subsidized rates across the country.
