Weekly Inflation Crosses 30% as Food Prices Rise
According to data provided by the Pakistan Bureau of Statistics (PSB) on Friday, weekly inflation resumed its upward trajectory due to an increase in food and petrol costs, breaking the 30 percent threshold on a year-over-year (YoY) basis for the week ending on August 10, 2023.
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The year-over-year trend shows an increase of 30.82 percent, which is primarily attributable to rising costs for items like wheat flour (131.81 percent), cigarettes (109.57 percent), gas for the first quarter (108.38 percent), tea by Lipton (95.19 percent), rice basmati broken (84.09 percent), chilli powder (72.94 percent), rice irri-6/9 (72.74 percent), sugar (67.90 percent), chicken (65.87 percent), gur (58), pulse masoor (16.04 percent) and vegetable ghee 1 kg (1.93 percent).
Week-on-week increase
The SPI increased by 0.69 percent from the prior week during the review week. Prices of food items such as chilli powder (3.72%), powdered milk (3.65%), pulse mash (3.13%), garlic (2.39%), sugar (2.30%), chicken (2.27%), salt (1.84%), eggs (1.74%), and electricity for Q1 (1.75%) all saw significant price increases over the course of the week.
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On the other hand, a drop in price was seen for vegetable ghee 1 kg (1.59%), LPG (0.79%), cooking oil (0.78%), mustard oil (0.48%), and vegetable ghee 2.5 kg (0.10%).
Out of 51 items, 29 (56.87 percent) saw price increases during the week, 05 (0.90%) saw price decreases, and 17 (33.33 percent) saw price increases.
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