Tue. Jul 23rd, 2024
Gas Prices Hike Fuels Caused the Annual Short-Term Inflation

Gas Price Hike Fuels Short-Term Inflation to 42pc

Gas Prices Hike Fuels: SPI’s annual move exceeds 40 percent for the first time since early June. Annually, gas prices increase by 1,100 percent Islama-ABAD: According to official figures released on Friday, a significant spike in gas prices Hike Fuels caused the annual short-term inflation rate to surpass 40% for the first time in more than four months.

The Pakistan Bureau of Statistics (PBS) reported that the inflation rate for the week ending November 16 was 41.9 percent. The primary cause of this surge was the more than 1,100 percent rise in gas prices over the previous year.

سگریٹ (94.5%)، گندم کا آٹا (86.4%)، مرچ پاؤڈر (81.7%)، ٹوٹے ہوئے باسمتی چاول (76.7%)، لہسن (63.6%)، IRRI 6/9 چاول (61.9%)، چائے (54.6%)، گڑ (51%) اور چینی (50%) دیگر اشیاء میں شامل ہیں جن کی قیمتیں سب سے زیادہ بڑھ گئیں۔

اس دوران پیاز کی قیمت میں سال بہ سال سب سے بڑی کمی دیکھی گئی، جو 36.2 فیصد گر گئی۔ ٹماٹر، سرسوں کا تیل، سبزی گھی، اور دال چنے سبھی کی قیمتوں میں -14، -3.95، اور -0.5 فیصد کی کمی دیکھی گئی۔

Cigarettes (94.5%), wheat flour (86.4%), chili powder (81.7%), broken basmati rice (76.7%), garlic (63.6%), IRRI 6/9 rice (61.9%), tea (54.6%), gur (51%) and sugar (50%) were among the other commodities whose prices soared the highest.

Onions, meanwhile, saw the biggest year-over-year price drops, falling 36.2 percent. Tomatoes, mustard oil, vegetable ghee, and pulse grams all saw decreases of -14, -3.95, and -0.5 percent. Sensitive Price Indicator (SPI), which is a basket of goods and services, is used to measure short-term inflation. It increased dramatically from 0.73 percent to 10 percent in the week of November 11–16.

The SPI, which is currently at 309, is calculated every week to evaluate the costs of necessities at more frequent intervals. 51 goods total, gathered from 50 markets spread over 17 cities, make up the index. According to the PBS data, in comparison to the previous week, the prices of 25 items had climbed, 13 had reduced, and 13 had remained essentially the same.

Gas (480pc), tea packets (8.9pc), pulse masoor (5.3pc), chicken (4pc), garlic (3pc), powdered salt (2.9pc), wheat flour (2.6pc), tea prepared (2.07pc), LPG (2.03pc), and potatoes (2pc) were the commodities whose costs increased the most week over week.

However, the products that saw the biggest price reductions were cooking oil (-0.65pc), diesel (-2.2pc), onions (-1.49pc), vegetable ghee (-1.39pc), electricity costs (-16pc), tomatoes (-11.2pc), sugar (-4.2pc), and diesel (-2.2pc).

The SPI’s annual inflation rate peaked in early May at 48.35 percent, but it fell as low as 24.4 percent in late August before surpassing 40 percent last week.

The interim administration announced on November 1st a significant increase in natural gas prices of 194%. Furthermore, consumers could expect an unprecedented increase in fixed monthly gas prices of up to 3,900 percent for both protected and non-protected accounts.

You Can Also Read: Punjab Govt Fixes Wheat Price at Rs139.9