Weekly inflation increases by 1.28 per cent as tomato and flour prices rise

KARACHI: The cost of essential food items has surged in Pakistan, further straining the financial situation of citizens already discontented with the recently approved budget.

According to the latest data from the Pakistan Bureau of Statistics (PBS), the Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.28 per cent week-on-week for the period ending July 4, 2024. Additionally, the SPI experienced a significant year-on-year rise of 23.59 per cent compared to the same period last year.

The PBS data revealed that the Combined Index stood at 318.61 this week, up from 314.57 the previous week, and notably higher than the 257.79 recorded a year ago. Out of 51 monitored items, the prices of 29 items (56.86 per cent) increased, five items (9.80 per cent) decreased, and 17 items (33.34 per cent) remained stable.

The most significant price hikes were observed in tomatoes (70.77 per cent), wheat flour (10.57 per cent), powdered milk (8.90 per cent), diesel (3.58 per cent), and petrol (2.88 per cent). These increases have contributed to the overall rise in the cost of living, impacting households across various income brackets.

The SPI percentage change by income groups indicated an increase across all quantiles, ranging from 1.23 per cent to 1.44 per cent. The lowest income group experienced a weekly rise of 1.43 per cent, while the highest income group saw a rise of 1.23 per cent.

On a yearly basis, the analysis showed that the SPI increased across all income segments, with changes ranging between 16.97 per cent and 26.49 per cent. The lowest income group recorded a yearly SPI increase of 16.97 per cent, whereas the highest income group experienced an increase of 21.39 per cent.

These rising costs are exacerbating the financial burden on the masses, who are already grappling with economic challenges and the impact of the new budget measures.

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