Economy & BusinessNews

Weekly inflation shatters records, rises to 42.3pc

Inflation measured by the Sensitive Price Index (SPI) rose sharply in the week that ended on August 18, climbing to a record 42.3 per cent year-on-year, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.

Before this, the highest ever year-on-year increase in the SPI was 38.63pc, recorded for the week ending on August 5.

Latest data shows that the SPI rose by 3.35pc over last week, mainly because of higher food prices. The highest week-on-week increase in inflation was recorded at 3.68pc for the week that ended on July 28.

The SPI monitors prices of 51 essential items based on a survey of 50 markets in 17 cities of the country.

During the week under review, the prices of 25 out of 51 items increased, 11 decreased and 15 remained stable.

Highest week-on-week increase

  • Tomatoes: 20.28pc
  • Chicken: 7.57pc
  • Onions: 2.30pc
  • Powdered milk 2.03pc
  • Electricity (for the lowest income group): 6.83pc

Highest week-on-week decrease

  • LPG: 3.46pc
  • Vegetable ghee: 1.16pc
  • Garlic: 0.94pc
  • Mustard oil: 0.71pc
  • Pulse masoor: 0.42pc

Highest year-on-year increase

  • Pulse masoor: 111.02pc
  • Diesel: 108.77pc
  • Petrol: 94.53pc
  • Onions: 94.43pc
  • Cooking oil 72.96pc

The SPI increased week-on-week by 1.80pc for the lowest income group (i.e., people earning below Rs17,732 per month) and by 3.94pc for the group with a monthly income of above Rs44,175.

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