SPI records 0.63pc slash in essential commodity prices, cheaper poultry

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) has released weekly inflationary numbers across the country noting a 0.63 per cent slash in Sensitive Price Indicator (SPI) which gauges prices of essential items through the week with poultry prices coming down by 14.49 pc, ARY News reported.

The SPI week ending yesterday noted 16.34 pc inflation on a year-on-year basis with some 12 essential commodities noting a rise in their prices while 10 a slash.

In the past week, the inflation report noted LPG’s domestic cylinder prices became Rs42 expensive while prices of mutton meat, jaggery, pulses and fresh dairy products too increased.

Poultry prices came down to Rs278 per kilo from an earlier Rs325, it said. On the other hand, the indicator said the price of mutton went up by Rs15 in this period.

On the other hand today, the State Bank of Pakistan (SBP) has decided to keep the interest rate unchanged at 7 percent for the further next two months.

In a statement, SBP said that the Monetary Policy Committee (MPC), in its meeting today, decided to keep the policy rate unchanged at 7 percent.

The MPC noted that since the last meeting in March, the MPC was encouraged by the further upward revision in the FY21 growth forecast to 3.94 percent.

“This positive momentum is expected to persist, translating into higher growth next year,” it added.

SPI records 0.63pc slash in essential commodity prices, notes cheaper poultry