Weekly inflation decreases due to food price reduction
Published on: June 29, 2024.
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Pakistan’s record-high inflation rate of 36.4% in April can be attributed to two main factors: the sharp devaluation of the Pakistani rupee against the US dollar and the global increase in commodity prices. However, there is some relief as weekly inflation decreased by 0.73% for the week ending June 27, 2024, primarily due to a drop in food prices during the Eidul Azha festival.
The Pakistan Bureau of Statistics (PBS) has reported that on a year-on-year basis, the weekly inflation rate remains high, rising by 22.88% compared to the same week last year. Financial experts predict that the benchmark monthly inflation rate for June 2024 will reach 12.9%, largely due to the rise in power and food prices during the Eid festival. It is worth noting that in May 2024, the rate hit a two-and-a-half-year low of 11.8%.
The Sensitive Price Indicator (SPI), which measures short-term inflation, includes 51 essential items collected from 50 markets in 17 cities across the country. In the recent week, the prices of 18 items (35.29%) increased, 8 items (15.69%) decreased, and 25 items (49.02%) remained unchanged compared to the previous week.
There were notable decreases in the prices of certain items. Tomatoes saw the largest drop in weekly inflation, decreasing by 25.25% to Rs119.18/kg from Rs159.44/kg the previous week. Chicken (farm broiler live) prices fell by 14.20% to Rs313.31/kg compared to Rs365.17/kg the prior week. Onion prices reduced by 3.90% to Rs126.89/kg compared to Rs132.04/kg, and garlic declined by 2.80% to Rs464.95/kg from Rs478.35/kg. Additionally, plain bread (small size) slipped by 0.81% to Rs110.75 from Rs111.66 the previous week. Other food items, including rice basmati broken, eggs, and rice irri, saw smaller reductions of up to 0.15%.
However, there were also increases in the prices of certain items. LPG prices rose by 5.38%, pulse gram by 4.72%, pulse moong by 3.20%, cooked daal by 1.87%, pulse masoor by 1.79%, potatoes by 0.99%, gur by 0.87%, bananas and wheat flour by 0.61% each, pulse mash by 0.32%, and firewood by 0.20%, according to PBS data.
Looking at the year-on-year trend, the inflation rate has increased by 22.88%, with gas charges for Q1 experiencing a significant surge of 570%.
For more information and to stay updated on the latest prices and trends, you can visit the websites of Pakistan’s rice exporters and suppliers. Some reputable sources include hasrice.com and pakistanrice.com. These platforms offer a wide range of rice options, with products such as white broken rice, irri 6 rice, and basmati rice available to meet your preferences and needs. You can also find information about rice mills, prices, and other rice-related topics on these websites.
In conclusion, while Pakistan continues to grapple with record-high inflation, the recent decrease in weekly inflation offers some respite. The fluctuations in food prices, particularly the decreases in tomato and chicken prices, have contributed to this decline. However, certain items have seen increases in prices. To stay up to date with the latest trends and prices in the rice market, you can explore the websites of reputable rice exporters and suppliers in Pakistan.
Source: [Tribune](https://tribune.com.pk)
