More misery for the masses as short-term inflation rises 10%

• SPI stands at 41.9% due to massive increase in natural gas tariffs.
• Escalating food costs fueled inflation.
• The prices of some items decreased including electricity.

ISLAMABAD: A massive hike in gas tariffs has weighed heavily on the masses already reeling under unabated inflation as the Sensitive Price Index (SPI) jumped 10% in the week ended November 16, compared to the previous week.

According to a report by The News published on Saturday, this remarkable increase came from the recent fivefold increase in natural gas prices, while the escalating cost of food items also played a major role.

The SPI measures the weekly price moment of mainly kitchen items. It rose to 41.9% in the week under review compared to the same week last year. Last week it was 29.86%. In the previous week, it increased by 9.95 percent, the Pakistan Bureau of Statistics (PBS) reported on Friday.

Notably, SPI inflation has been in double digits for most of the current and last fiscal year, reflecting the impact of currency depreciation and higher energy tariffs.

According to PBS, over the past 10 weeks, the SPI level shows mixed trends compared to the corresponding weeks of the previous year.

It stood at 26.25% in the week ending September 14, followed by 38.66% on September 21, 37.3% on September 27, 37.07% on October 5, 38.28% on October 12, 35, 45% on October 19, 29.65% on October 19, 29.88% on November 2, 29.86% on November 8 and now, in the week ending November 16, it has jumped to 41.9%.

Significant increases were seen in gas prices at 480%, tea at 8.9%, masoor pulse at 5.3%, chicken at 4%, garlic at 3.1%, salt powder at 3% , wheat flour to 2.6%, prepared tea to 2.1%, LPG and potatoes by 2% each and the price of a shirt in one week increased by 1.1%.

Further, for the lowest income earning up to Rs 17,732/month, SPI inflation stood at 35.72%, while for the group spending above Rs 44,175/month, it stood at 39.67%.

For the week in question, the average prices of 25 items (49.02%) increased, 13 items (25.49%) decreased, while the prices of 13 items (25.49%) showed no change, the bulletin said SPI.

The price of gas charges (up to 3.3719 mmBtu) increased by 480% to Rs 1,711 per mmBtu. Lipton tea (190 gm pack) up 8.88% to Rs612.5, masoor pulse up 5.28% to Rs326.3/kg, chicken farm 3.99% to Rs365/kg, garlic 3, 1% to Rs549/kg, powdered salt to Rs 2 69 per 800 gm, wheat flour 2.64% to Rs 2.825 per 20 kg bag, brewed tea 2.07% to 57.1/cup, LPG 2.03% to Rs 3,188 per 11.67 kg cylinder, potatoes up 2.7% to 2.7% in pulses Rs. / kg and 1.1% shirt at 413 per meter.

Prices of some items fell during the week including electricity bills (Q1) by 16.1% to Rs 6.90 per unit, tomatoes by 11.2% to Rs169/kg, sugar by 4.24% to Rs137/kg, diesel by 2.15% to Rs297.78/litre, onions 1.5% to Rs121/kg, vegetable ghee 1kg 1.4pc to Rs513.5, petrol 0.73% to Rs282 Rs .44/litre cooking oil 5 liters by 0.65% to Rs 2,842, rice iris-6/9 0.42% Rs 160/ kg, vegetable ghee 2.5-kg 0.28% to Rs 1,369.

Originally published on The news