SPI-based weekly inflation records massive decline of 8.11pc

ISLAMABAD-Inflation based on Sensitive Price Index (SPI) surprisingly declined massively by 8.11 percent during the week ended on September 22.

The SPI based inflation has recorded decline of 8.11 percent during the week ended on September 22 over the preceding week, according to the latest data of Pakistan Bureau of Statistics (PBS). The SPI was recorded at 203.21 points during the week ended on September 22 as compared to 221.14 point during the week ended on September 15. On annual basis, the weekly inflation has enhanced to 29.88 percent.

Inflation was on the higher side mainly due to the economic policies of the government and impact of devastating floods in different parts of the country. However, weekly inflation recorded massive decline in the previous week. Dr Khaqan Najeeb, former adviser to the ministry of finance, said that lower fuel charge adjustment due to revision in base tariff and government deferral of June FCA of Rs9.9 per unit are the main reasons behind decline in inflation rate in last week. 

According to the PBS data, during the week under review, out of 51 items, prices of 26 (50.98 percent) items increased, 10 (19.61 percent) items decreased and 15 (29.41 percent) items remained stable.

The SPI for the current week ended on 22nd September, 2022 recorded a decrease of 8.11pc. Decrease was observed in the prices of food items, tomatoes (8.15 percent), bananas (1.90 percent), garlic (1.31 percent), pulse masoor (0.99 percent), cooking oil 5 litre (0.78 percent), onions (0.46 percent), vegetable ghee 2.5kg (0.34 percent) and vegetable ghee 1kg (0.06 percent). In non-food items, electricity charges declined by 64.23 percent and LPG (3.82 percent).

On the other hand, increase was observed in the prices of wheat flour (22.47 percent), tea Lipton (6.42 percent), chicken (4.52 percent), pulse gram (2.54 percent), bread (2.36 percent), cigarettes (1.82 percent), rice basmati broken (1.51 percent), potatoes (1.45 percent), pulse moong (1.31 percent) and rice Irri (1.07 percent).

The prices of following commodities remained unchanged: gur, salt, chilies, tea prepared, long cloth, lawn printed, gents sandal Bata, ladies sandal Bata, electricity charges, gas charges upto 3.3719 MMBTU, firewood whole, hi-speed diesel, telephone call charges.

According to the PBS data, the Sensitive Price Indicator for the lowest consumption group up to Rs17,732 witnessed 8.45 percent decrease and went down to 205.98 points this week from 224.98 points in last week. Meanwhile, the SPI for the consumption groups from Rs17,732-22,888; Rs22,889-29,517; Rs29,518-44,175 and above Rs 44,175 also decreased by 11.91 percent, 8.02 percent,6.07 percent and 4.08 percent respectively.

The year on year trend depicts an increase of 29.28 percent, tomatoes (117.55 percent), diesel (105.12 percent), petrol (91.87 percent), pulse masoor (75.38 percent), pulse gram (73.55 percent), mustard oil (65.64 percent), cooking oil 5 litre (63.63 percent), washing soap (61.50 percent), vegetable ghee 2.5 kg (59.42 percent), pulse mash (56.93 percent), vegetable ghee 1 kg (56.09 percent), onions (50.83 percent) and LPG (49.89 percent). Meanwhile decrease was observed in the prices of electricity for Q1 (45.61 percent, chilies powder (43.05 percent), sugar (19.20 percent) and gur (3.37 percent).

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