The Pakistan Bureau of Statistics (PBS) on Monday announced that the Consumer Price Index (CPI) based inflation has increased by 4.94% in March 2017 compared to the similar time frame of previous year.
On a month-on-month basis, the inflation was recorded at 0.84% in March 2017 as compared to February 2017. The figures of monthly inflation was presented by the Chief Statistician of PBS Asif Bajwa during a press conference. According to the data, CPI-based inflation during the first nine months of the current fiscal year (July-March) increased by 4.01% as compared to the similar period of previous year.
Moreover, it is believed that the inflation will increase significantly in the next month, because the government has officially approved an increase of PKR 5 per liter in fresh milk prices. It is important to mention that milk has the highest weightage of 6.68% in the food category and is alone weighs more than health and education combined. Therefore, an increase of 6.25% in fresh milk prices will surely send the perishable food sub-index noticeably soaring.
“The sequential (month-on-month) rise in inflation was recorded on the back of 12.5% increment in perishable food prices (weight 4.99%) and (rise in) non-perishable food prices (weight 29.84%),” said that Chief Statistician Asif Bajwa.
He added that “though the uptick is nominal in non-perishable food prices, due to its weight in the CPI, the segment contributed 0.14 percentage point to the monthly inflation.”
On a year-on-year basis, the top items that experienced an increase in their prices this month include: tomatoes 128.17%, potatoes 49.92%, Dettol medium (soap) 44.27%, LPG 23.86%, chicken 18.92%, green chilies 16.64%, petrol 16.3%, tea 16.14%, toilet soap 15.97%, diesel 15.07%, iron bars 14.31% and pulse gram 10%.
On the other hand, the items that showed a decrease in prices on yearly basis include: pulse mash 19.96%, onion 17.6%, pulse moong 17.22%, pulse masoor 9.09%, pulse masoor washed 8.93% and motorcycle tyres 5.66%.