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ISLAMABAD: The Consumer Price Index (CPI)-based inflation as a result of an increase in prices of vegetables, eggs, motor fuels, hydrocarbons, wheat, sugar and spices, has recorded an increase of 2.5 percent for the first month of the new financial year as it was recorded at 9.3 percent on Year-on-Year basis in July 2020 as compared to 8.6 percent in June, and 8.4 percent in July 2019.

The CPI data released by the Pakistan Bureau of Statistics (PBS) here on Monday attributed the upward trend in the monthly inflation to an increase in vegetables prices, which have become 23.8 percent more expensive in July in urban areas.

Tomatoes prices jumped by 179 percent and onions 16.6 percent, the statistics office said.

Moreover, the spike in inflation is also attributed to 10.82 percent increase in egg price, 7.57 percent increase in spices price, 7.42 percent increase in wheat price, 4.58 percent increase in potato price, 3.97 percent increase in meat price, 3.82 percent increase in sugar prices, 3.07 percent increase in beans rates, 2.88 percent increase in cigarettes price, 2.6 percent increase in chicken price, 1.74 percent increase in milk products price, and 1.37 percent increase in fresh milk prices.

The data said that motor fuel prices witnessed an increase of 27.01 percent in July against June, liquefied hydrocarbons rates jumped by 7.27 percent, house rent escalated by 1.58 percent and medicines rates went up by 1.04 percent. According to data, during the month only transport rates witnessed a decline of 7.55 percent.

The inflation rate increased by 2.5 percent on month-on-month basis in July 2020, as compared to an increase of 0.8 percent in the previous month, and an increase of 1.8 percent as compared to July 2019.

On an annual basis, the prices of following commodities witnessed an increase: tomatoes by 100.16 percent, potatoes 62.98 percent, moong 46.25 percent, eggs 43.11 percent, spices 39.48 percent, chicken 36.69 percent, mash 35.86 percent, beans 34.3 percent, wheat 28.52 percent, masoor 23.79 percent, vegetable ghee 22.29 percent, wheat flour 18.52 percent, vegetables 17.83 percent, cooking oil 17.28 percent, sugar 16.98 percent, and wheat products 15.99 percent.

While during the period, onions prices witnessed a 19.59 percent reduction and fish prices a reduction of 6.22 percent.

Among the non-food items, prices of following items witnessed an increase: footwear by 11.36 percent, cotton cloth by 10.93 percent, and dupatta by 10.42 percent.

While on an annual basis, motor fuel rates went down by 9.79 percent and transport services by 3.96 percent and liquefied hydrocarbons by 3.65 percent.

The CPI inflation urban increased by 7.8 percent on year-on-year basis in July 2020 as compared to 8.7 percent in July 2019.

On month-on-month basis, the inflation index increased by 2.2 percent in July 2020 as compared to an increase of 0.7 percent.

Whereas, the CPI inflation rural, increased by 11.5 percent on year-on-year basis in July 2020 as compared to 7.9 percent in July 2019.

On month-on-month basis, it increased by 2.9 percent in July 2020 as compared to an increase of 1.0 percent in the previous month.

The Wholesale Price Index (WPI) for July, 2020, increased by 5.41 percent over June 2020, and it increased by 3.23 percent over the corresponding month of the last year.

Price of following items went up on account of the WPI on monthly basis: Kerosene oil 66.82 percent, sugar confectionary 39.88 percent, diesel oil 37.12 percent, motor spirit 36.13 percent, vegetables 33.35 percent, pesticides 27.29 percent, cotton fabrics 26.11 percent, bicycles 16.51 percent, eggs 11.22 percent, wheat 8.34 percent, paints and varnishes 7.15 percent, potatoes 6.62 percent, sugar refined 5.4 percent, wheat flour 3.97 percent, spices 3.96 percent, cement 3.69 percent, air conditioners 3.1 percent, meat of animals 2.7 percent, soaps and detergents 1.63 percent, fresh fruits 1.04 percent.

According to the PBS, during July over June maize rates went down by 4.1 percent, pulses 3.75 percent and vegetable ghee 1.69 percent.

Prices of the following commodities on account of the WPI on annual basis witnessed an increase: potatoes 78.18 percent, spices 71.86 percent, eggs 45.44 percent, cotton fabrics 38.36 percent, wheat 33.07 percent, sugar confectionary 30.49 percent, bicycles 26.93 percent, raw tobacco 26.58 percent, wheat flour 26.27 percent, footwear 21.71 percent, vegetables 18.92 percent, sugar refined 18.1 percent, meat of animals 17.82 percent, pulses 16.44 percent, fresh fruits 15.85 percent, vegetable ghee 13.19 percent, medicines 12.32 percent, hosiery products 11.22 percent, and bricks, blocks and tiles 7.36 percent.

The WPI of following commodities on an annual basis witnessed a decline: Kerosene oil 39.75 percent, diesel oil 29.68 percent, furnace oil 22.1 percent, bajra 13.52 percent, motor spirit 11.72 percent, fertilisers 8.15 percent, fibre crops 6.95 percent, and maize 1.59 percent.

Copyright Business Recorder, 2020