Weekly Inflation:
The weekly escalation in inflation persisted in its upward trajectory owing to a surge in the prices of sustenance and petroleum commodities. This ascent surpassed the threshold of 30 percent on a year-on-year basis, culminating in the week concluding on August 10, 2023. Data unveiled by the Pakistan Bureau of Statistics (PBS) on Friday showcased this substantial escalation.
The year-on-year pattern delineates a significant increase of 30.82 percent, primarily attributed to amplified values within the spectrum of commodities. Most notably, this surge can be witnessed in the cost of wheat flour, which witnessed an extraordinary upswing of 131.81 percent. Similarly, the prices of cigarettes saw a remarkable augmentation of 109.57 percent, while gas tariffs for the first quarter exhibited an upsurge of 108.38 percent. A similar trend can be perceived in the pricing of Lipton tea, which experienced an increase of 95.19 percent. The realm of rice also witnessed substantial alterations, with basmati broken rice marking an 84.09 percent spike, and rice irri-6/9 reflecting an increase of 72.74 percent.
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Essential culinary elements like chili powder experienced a notable elevation of 72.94 percent, while the cost of sugar, a fundamental commodity, rose by 67.90 percent. Furthermore, poultry products such as chicken indicated a 65.87 percent upswing, and traditional sweeteners like ‘gur’ exhibited an increase of 58.93 percent. Basic vegetables too showed marked changes in pricing, with potatoes witnessing a 57.02 percent surge, and tomatoes showing a notable hike of 53.66 percent. However, the pricing of onions experienced a decline of 28.77 percent, along with a decrease in electricity costs for the first quarter by 16.63 percent. Additionally, the pricing of pulse masoor marked a decrease of 16.04 percent, while the cost of 1 kg of vegetable ghee saw a slight dip of 1.93 percent.
The week-over-week rise
The SPI for the reviewed week marked an escalation of 0.69 percent compared to the preceding week. Notably, within this week, a significant upsurge in prices was observed across various sustenance items. This included an increase in the costs of chili powder by 3.72 percent, powdered milk by 3.65 percent, pulse mash by 3.13 percent, garlic by 2.39 percent, sugar by 2.30 percent, chicken by 2.27 percent, salt by 1.84 percent, eggs by 1.74 percent, and in the non-food realm, a 1.75 percent increase was witnessed in electricity charges for Q1.
Conversely, a reduction in prices was noted for certain items. The pricing of 1 kg of vegetable ghee witnessed a decline of 1.59 percent, LPG saw a decrease of 0.79 percent, cooking oil experienced a dip of 0.78 percent, mustard oil prices dropped by 0.48 percent, and the cost of 2.5 kg of vegetable ghee showed a marginal decrease of 0.10 percent.
Throughout the week, among a total of 51 items, the prices of 29 items (56.87 percent) exhibited an increase, 05 items (9.80 percent) experienced a decrease, and 17 items (33.33 percent) retained their stability.