CPI-Based Inflation Stays At 8.4% In August Despite Soaring Food Prices

ISLAMABAD – The inflation rate held steady at 8.4 percent in August despite rising food prices.

Inflation as measured by the Consumer Price Index (CPI) was recorded at 8.4 percent in August this year, according to the latest data from the Pakistan Bureau of Statistics (PBS). The inflation rate was the same at 8.4 percent in July. In recent months, the inflation rate is on a downward trend. The finance ministry has already noted that in the absence of major unexpected inflationary shocks, inflation could stabilize in August, before resuming its downward trend in the coming months.

In its monthly report, the finance ministry said inflationary impulses in August could come from second-round effects of previous increases in international commodity prices, increases in administered energy prices and currency depreciation. . In addition, government efforts to increase the efficiency of national food markets are still in place and are continuously monitored and strengthened. Thus, in total, year-on-year inflation in August is expected to fluctuate around the level reached in July within a range of 7.6 to 9.2%.

The latest PBS data showed that CPI-based inflation was recorded at 8.38% in the first two months (July and August) of the current fiscal year 2021-2022. The Price Sensitive Index (SPI), which assesses kitchen item rates on a weekly basis, rose 16.04 percent. Likewise, WPI-based inflation increased by 17.21 percent during the review period.

The bursting of inflation of 8.4 percent showed that the prices of food and non-alcoholic beverages rose 9.96 percent in August. Likewise, health and education costs increased 8.47 percent and 2.94 percent, respectively. Likewise, the prices of utilities (housing, water, electricity, gas and fuel) rose 7.96 percent last month. At the same time, the prices of alcoholic beverages and tobacco increased by about 2.12 percent. Prices for clothing and footwear rose 9.34 percent and maintenance costs for furniture and household equipment rose 9.62 percent. Recreational and culture-related expenses increased by 6.39% during the period under review, while the amounts invoiced by restaurants and hotels by 7.34% in August 2021 compared to the same month of l ‘last year.

In urban areas, food products that saw their prices increase during the month of August 2021 included tomatoes (17.84%), vegetables (12.52%), beans (5.09%), milk (1.94%), potatoes (1.84%). , vegetable ghee (1.75 percent), sugar (1.36 percent) and cooking oil (1.11 percent). In non-food raw materials, the prices of liquefied hydrocarbons increased by 18.23 percent, fuel (2.80 percent), construction inputs (0.98 percent) and drugs and medicines (0, 67 percent). In urban areas, the prices of the following items have fallen, including chicken (11.98%), fruits (7.75%), one gram of legumes (5.18%), condiments and spices (2 , 75%), pulses (2.35%) and eggs (1.64 percent).

Meanwhile, in rural areas, the prices of the following products increased, including vegetables (17.35%), tomatoes (7.40%), onions (6.02%), cooking oil (4.99%), vegetable ghee (4.94%), sugar (2.68%), mustard oil (2.63%), potatoes (1.91%), meat (1.57%) and milk (1.05%).

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