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ISLAMABAD: Due to increase in petrol and diesel prices, inflation for the week ended on July 2nd against week ended on June 25, has witnessed an increase of 2.29 percent, from 129.36 points to 132.32 points.

According to the Pakistan Bureau of Statistics (PBS) the Sensitive Price Indicator (SPI) for the combined income group on Year-on-Year (YoY) basis as a result of significant increase in petrol and diesel prices, has witnessed an increase of 9.77 percent.

The increase in petrol price by Rs25.60 per litre and Rs21.31 per litre in diesel price has taken up the SPI inflation by 9.77 percent on YoY basis for the combined income group from 120.54 points to 132.32 points, the SPI data released by the PBS, here on Friday, said.

The weekly SPI with base year 2015-2016 covers 17 urban centres, and 51 essential items for all expenditure groups.

The SPI for the lowest consumption group with monthly income up to Rs17,732 witnessed an increase of 0.89 percent, and went up from 137.02 points to 138.24 points during the week under review.

While on YoY basis, it jumped up by 13 percent from 122 points to 138.24 points.

The SPI for the consumption groups with monthly income of Rs17,732 to Rs22,888 jumped up by 1.24 percent, from 131.25 to 132.88 points, while on annual basis, it went up by 12.48 percent, from 118.14 points to 132.88 points.

Weekly inflation for monthly income group of Rs22,889 to Rs29,517 witnessed an increase of 1.47 percent, from 132.99 points to 134.94 points, and on yearly basis, it went up by 11.59 percent, from 120.92 points to 134.94 points.

For monthly income group of Rs29,518 to Rs44,175, on WoW basis, it registered an increase of 1.87 percent, from 129.40 points to 131.82 points, and on YoY basis, it witnessed an increase of 10.94 percent from 118.82 to 131.82 points.

The SPI on WoW basis, for monthly income group of Rs44,175 and above, witnessed an increase of 2.90 percent, 129.50 points to 133.25 points, while on annual basis, it registered an increase of 8.26 percent, from 123.08 points to 133.25 points.

During the week, prices of seven items decreased, prices of 18 items increased, while prices of 26 items remained constant.

The items, which recorded a decrease in their average prices include moong pulse, masoor, gram, garlic, bananas, mustard oil, and potatoes.

The commodities, which recorded an increase in their average price include petrol, hi-speed diesel, tomatoes, chillies, LPG cylinders, onions, chicken, eggs, gur, cigarettes, mash pulse, cooked daal, wheat flour, cooked beef, sugar, basmati broken rice, mutton, and beef.

Similarly, prices of the commodities that observed no change during the week under review include Irri 6/9 rice, bread, fresh milk fresh, curd, powdered milk, loose cooking oil, vegetable ghee, salt, tea, long cloth, shirts, lawn, georgette, gents sandals, gents sponges, ladies sandals, electricity charges, gas charges, telephone charges, firewood, washing soap, match box, and toilet soap.

Earlier on June 26, the federal government had increased the price of petrol by Rs25.58 per litre for the month of July in line with the hike in global crude oil prices.

According to a notification issued by the Finance Division, the price of petrol was increased from Rs74.52 to Rs100.10 per litre.

Similarly, the price of diesel had gone up to Rs101.46 from Rs80.15 with an increase of Rs21.31 per litre. Diesel is used in agriculture and transport sectors hence, an increase in its price causes a rise in inflation.

Copyright Business Recorder, 2020