ISLAMABAD - Inflation rate has increased by 7.9 percent during the month of Feb 2014 over a year ago.
Inflation pressure has eased from December 2014, after going into double-digit figure in November last year. The Consumer Price Index (CPI) - the main national indicator reflecting change in prices of basket of goods and services - clocked in at 7.9pc in February 2014, showed the data of Pakistan Bureau of Statistics (PBS).
Economic experts and market sources are of opinion that inflation rate declining due to better availability of food items in the market. Similarly, the government had not increased the prices of petroleum products in last few months that help in controlling the price hike of the commodities. The increase in POL prices directly affects the inflation rate in the country, as prices of food items enhanced.
The State Bank of Pakistan and economists expect that average CPI inflation for FY14 to fall between 10 to 11 per cent, which would be higher than the target of 8 percent announced by the government. The CPI based inflation rate has recorded at 8.65 percent during eight months (July-February) of the ongoing financial year 2013-14 over the same period of the last year.
According to the PBS figures, the CPI-based inflation has reduced by 0.3 percent during the month of February 2014 as against previous month of January. The sensitive price indicator, which gauges weekly inflation in kitchen items, has decreased by 0.1 per cent in February over January 2014. Meanwhile, Wholesale Price Index (WPI) based inflation has increased by 0.3 percent in February over last month. The break-up of 7.9 percent inflation in February 2014 showed that prices of food and non-alcoholic beverages shot up 7.04 percent, alcoholic beverages and tobacco 16.01 percent, clothing and footwear 11.62 percent, housing and utilities charges 9.27 percent, transportation fares 4.77 percent and healthcare charges 6.01 percent as compared to February 2013. Meanwhile, charges of recreation and culture were up by 9.63 percent, education 8.12 percent and restaurant and hotel 12.56 percent.
Pulse Gram (5.62pc), Pulse Moong (2.21pc), Pulse Masoor (2.10pc), Condiments (1.68pc), Milk Powder (1.65pc), Gram Whole (1.62pc), Beans (1.03pc), Besan (1.02pc), Wheat and Readymade Food (0.96pc each), Spices (0.87pc) and Milk Fresh (0.82pc).
Meanwhile, according to the figures, Price of pulse gram increased by 5.62pc in the month of February against January, prices of Pulse Moong by 2.21pc, prices of Condiments went up by 1.68pc, price of milk powder surged by 1.65pc, price of Gram Whole increased by 1.65pc, price of Beans surged by 1.03pc, price of Besan went up by 1.02pc. Similarly, prices of wheat and readymade food surged by 0.96pc each, prices of spices went up by 0.87 percent and milk fresh by 0.82 percent.
Meanwhile, in non-food items, marriage hall charges soared by 1.93 percent, doctor (MBBS) Clinic Fee increased by 0.96 percent, cosmetics prices by 0.82 percent, hosiery and cleaning & laundry by 0.76pc each, furniture by 0.73 percent and utensils by 0.72 percent.
Meanwhile, prices of following commodities decreased. Tomatoes 35.23 percent, Chicken 13.85 percent, onions 10.67 percent, eggs 4.35 percent fresh vegetables 3.66 percent, Potatoes 3.40 percent, Fresh Fruits 2.43percent, Sugar 1.80percent and Tea 1.44 percent. Meanwhile, prices of Kerosene Oil reduced by 0.60 percent and Motor Fuel by 0.20 percent in February against January.