The Sensitive Price Indicator (SPI) for the week ended July 29, 2021 registered an increase of 0.03% for the combined income group, going up from 150.65 points during the week ended July 22, 2021 to 150.70 points in the week under review.
The SPI for the combined income group rose 12.2% compared to the corresponding week of previous year.
The SPI for the lowest income group decreased 0.02% compared to the previous week. The index for the group stood at 162.73 points against 162.77 points in the previous week, according to provisional figures released by the Pakistan Bureau of Statistics (PBS).
During the week, average prices of 23 items rose in a selected basket of goods, prices of six items fell and rates of remaining 22 goods recorded no change.
It is pertinent to mention that the CPI inflation rate dropped to 8.9% in FY21 compared to 10.74% in FY20.
“Inflation (at the current level) is still high,” SBP Governor Reza Baqir said earlier while announcing the monetary policy at an online press conference on July 27.
Pakistan’s central bank left the benchmark interest rate unchanged at 7% for the next two months. The benchmark interest rate is a tool available with central banks around the world to curb inflation.
Published in The Express Tribune, July 31st, 2021.
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