Islamabad: Based on the SPI, inflation grew for the fourth week in a row, largely due to raised vegetable prices, according to official data cited in Dawn. (30)
For the week ending June 20, inflation as measured by the SPI was up 23.78% year-on-year. On a weekly basis, it rose by 0.94%. (29)
The Finance Bill 2024 includes several indirect taxation measures that are expected to increase inflation over the next few weeks. Of significance is that 18% sales tax is anticipated to impact medicine, stationery commodities such as books and poultry products prices. (33)
However, basic foodstuff’s costs will be offset by higher price-slides of perishable veggies such as tomatoes, onions and potatoes which will come with them since gas prices drop down all together with increased rates of sales taxes plus duties on fresh fruits and vegetables imported from Iran and Afghanistan could further stimulate food inflation in short-run (32).
According to figures provisionally released at the beginning of May 2023, WPI had been recorded at an all-time high YoY rate of 48.35 % yearly from whence it slid back towards August’s close got back towards august end dropping back to 24.4% leading into November 16th last week where it elevated above forty percent, reported dawn (37).
Tomatoes registered a weekly price rise of nearly two-thirds while potatoes went up by about six per cent onions nearly four per cent bananas three point three per cent LPG two point four four per cent cigarettes one point six seven per cent beans one point five three per cent garlic one point two nine per cent fresh milk zero point nine five per cent eggs zero point eight three percent georgette zero point two eight per blueberries zero point two tenths moccasin zero points one seven all cost more at dawn (43).
Vice versa fuel declined most last week by an average of 3.76 percent, diesel fuel decreased by 0.84% and basmati rice and pulses prices reduced by 0.08% each, while chicken price slides were only marginal at 0.05%. (29)
Gasoline which escalated by five hundred percent YoY in the first quarter, tomatoes up one hundred ninety-one per cent onions rising one hundred twenty-two point six six per cent chili powder climbing fifty-four point eight one per cent garlic going up forty point five five per cent shirts increasing thirty point seven four per cent salt flour increasing twenty nine point four nine per cent in addition to that sandals raising twenty five point zero one sandals beans improving twenty two point six seven percent soy milk rising twenty two point six percent beef ascending twenty-two point one two percent first quarter electricity bill rising twenty one forty-six which was the highest rate amongst all other categories as reported on dawn (47).
On the contrary, wheat flour has plummeted from thirty two point nine zero to chicken being down to a score of twenty dot six zero three for example whilst cooking oil for 5 liters declined which is sixteen dot seventeen, vegetable ghee for 2 .5 kg went down by thirteen dot three nine; whereas vegetable ghee for I kg/ twelve dot forty two banana’s cost is eleven dot sixty-nine while mustard oil also fell by eight-point-two four Lipton tea dropped by about three and petrol decreased slightly at about one roanths of every percentage points respectively (50).
SPI index closed at 316.88 compared to last week’s value of 313.93 and last year’s value of 256. The index comprises of fifty-one items from seventeen cities’ fifty markets giving weekly evaluation of essential commodities’ prices (28).
In comparison with previous week prices rose for 25 items, fell for just fives ones and remained unchanged for each item among the remaining ones’ analysis of this data showed (29).
