Weekly inflation accelerated to a near two-year high of 19.83 percent in the third week of December, driven by surging prices of food products and energy cost, official data showed on Friday.

The double-digit weekly Sensitive Price Indicator (SPI), since February 2020, picked up second consecutive week and inched up almost half-a-percent in the week ended on December 23, Pakistan Bureau of Statistics (PBS) latest bulletin said.

The SPI was recorded at 19.83 percent over corresponding week a year ago – the highest reading in almost last two years. SPI was recorded at 20.02 percent in the week ended on 16 January 2020.

On week-on-week basis SPI increased 0.40 percent. Last week, SPI was recorded at 19.49 percent.

SPI is based on 51 essential items and their prices are being collected from 50 markets in 17 cities.

For the week, average prices of 23 items (45.09pc) registered an increase, five items (9.8pc) registered a decrease, while prices of 23 items (45.09) remained stable.

In a span of one week, tomatoes price increased by 7.28 percent to Rs80/kg, Eggs (farm) 2.95 percent to Rs185/dozen, masoor pulse 1.72 percent to Rs206/kg, sugar 1.46 percent to Rs92/kg, while among non-food items, gents sponge chappal prices increased 20.08 percent to Rs299/pair, ladies sandal 16.7 percent to Rs700/pair, gents sandal 8.34 percent to 1300/pair, LPG 5.03 percent to 2463/11.67kg cylinder and Georgette price up one percent to Rs183/meter.

Similarly, salt price also increased by 0.92 percent to Rs30/packet, mutton with bone 0.54 percent to Rs1153/kg, firewood 0.44 percent to Rs788/40kg and beef with bone price increased by 0.35 percent to 574/kg from prices a week ago.

Items, which recorded decrease in average prices, potatoes (5.26 percent), chilies powdered (4.16 percent), onions (2.8 percent), Gur (0.76 percent) and wheat flour price (0.12 percent).

PBS further reported that year-on-year, electricity charges for Q-1 increased 83.95 percent, LPG 71.18 percent, cooking oil 60 percent, vegetable ghee 57 percent, mustard oil 54 percent, gents sponge chappal 50 percent, gents sandal 44 percent, washing soap 44 percent, petrol 35 percent, pulse masoor 34 percent, chilies powder 27 percent and diesel price up by 27 percent over same week prices of last year.

However, year-on-year basis, prices of onions declined by 25 percent, pulse moong 25 percent, tomatoes 16 percent, egg 10 percent, chicken 10 percent and potatoes prices down by eight percent over same week of last year.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

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