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Thursday, May 25, 2023

Shaukat Tarin is right: Prices of food items go down by 0.43 percent

Pakistan Finance Minister Shaukat Tarin claimed in the parliament on Friday that inflation is going down.

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The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on January 13, for the combined consumption group, witnessed decrease of 0.43 percent as compared to the previous week, Pakistan Bureau of Statistics (PBS) reported Friday.

The SPI for the week under review in the above mentioned group was recorded at 167.39 points against 168.12 points registered in the previous week, according to the PBS data.

The food commodities that contributed in decline in weekly inflation included Chicken, the prices of which declined by 3.40%, on Week-on-Week (WoW) basis.

Other food commodities that witnessed decline in prices included potatoes (1.65%), tomatoes (1.26%), wheat flour (0.61%), garlic (0.47%), sugar (0.17%) and curd (0.16%). Among non-food items, the prices of LPG went down by 1.15% during the week.

Read more: Inflation rises year-on-year to record 8.4pc in August

On Year-on-Year basis, the commodities that witnessed decrease in prices included tomatoes (40.82%), pulse moong (25.37%), chillies powdered (6.71%) and sugar (0.40%).

Meanwhile, the commodities that witnessed increase on WoW basis, included onions (14.65%), bananas (1.51%), firewood (1.30%) and match box (1.14%).

The items that witnessed increase in prices on YoY basis included Electricity for Q1 (84.86%), cooking oil 5 litre (53.49%), gents sponge chappal (50.25%), LPG (50.18%), vegetable ghee 2.5 kg (49.68%), vegetable ghee 1 kg (49.34%), washing soap and mustard oil (45.85%) each, gents sandal (44.49%), pulse Masoor (39.14%), petrol (36.13%) and diesel (28.07%)

Meanwhile, as compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed an increase of 19.82 percent.

The weekly SPI with base year 2015-16=100 is covering 17 urban centers and 51 essential items for all expenditure groups.

The Sensitive Price Indicator for the lowest consumption group up to Rs17,732 witnessed 0.30 percent decrease and went down to 175.38 this week from 175.91 points in last week.

Likewise, 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 0.38 percent, 0.42 percent, 0.46 percent and 0.44 percent respectively.

During the week, out of 51 items, prices of 16 (31.37%) items increased, 09 (17.65%) items decreased and 26 (50.98%) items remained stable.

Read more: Inflation is going down: Farrukh

It is pertinent to mention here that the weekly SPI with base year 2015-16=100 is covering 17 urban centers and 51 essential items for all expenditure groups.

Courtesy: APP