ISLAMABAD, March 14: Prices of essential consumer items have increased faster in Pakistan than in India, Bangladesh and Sri Lanka this year as compared to the last year, official estimates reveal.
A comparative analysis of the prices of essential commodities with eight neighbouring countries, particularly India, Bangladesh and Sri Lank, was discussed at length at a meeting of the Economic Coordination Committee (ECC) of the cabinet late last month.
The estimates show that out of 29 items, the prices of only seven items decreased by 27.1 per cent in Pakistan as compared to Bangladesh in February 2007. This ratio was 25.1 per cent for eight items in the same period last year.
Out of 26 comparable items, the prices of 14 items by the end of February 2007 fell by 23.2 per cent in Pakistan as compared to India. Last year, this ratio was 31.2 per cent for 12 items.
Out of 23 commodities, the prices of 14 items were lower by 34.8 per cent in Pakistan than Sri Lanka this year. It was 37.5 per cent last year for 13 items. The estimates show that the prices of almost half of essential items in Pakistan were still lower than Sri Lanka but the advantage was slowly vanishing for Pakistani consumers.
The ECC was informed that the annualised rate of change in the sensitive price index (SPI) in July-January 2007 stood at 11.84 per cent, compared with 6.58 per cent in the same period last year. The annualised rate of change in the consumer price index (CPI) was recorded at 8.14 per cent this year as against 8.48 per cent last year. The wholesale price index (WPI) was recorded at 7.44 per cent as against 10.97 per cent last year.
The meeting was informed that out of 53 items in the SPI, the prices of 20 increased by the week ending February 22. The prices of six items have declined while 27 remained unchanged. The main items, prices of which registered increase, were farm chicken, eggs, basmati (broken) and onion.
The prices of onion increased by 47 per cent due to crop failure in Sindh and unless a bumper crop comes from Punjab or elsewhere, this trend will continue for the next two to three months.
The prices of mash, moong and masoor increased slightly, whereas the price of gram had slightly decreased.