Weekly inflation rises to 13.18pc after hitting three-year low

ISLAMABAD: Weekly inflation inched up again after hitting a three-year low in recent weeks, reaching 13.18 per cent year-on-year for the week ending October 3, compared to 12.8 per cent the previous week, according to official data.

This short-term inflation measured by the Sensitive Price Indicator (SPI), tracks the cost of essential items like food and household necessities, showed a 0.44 per cent increase from the previous week, the Pakistan Bureau of Statistics (PBS) said on Friday.

During these three years, the SPI was peaked at 48.35 per cent in May 2023. Notably, the weekly inflation has been in double-digit since February 2020.Of the 51 items monitored across 50 markets in 17 cities, the prices of 21 items rose, 10 decreased, and 20 remained unchanged compared with the previous week.

On week-on-week, major increase was observed in the prices of tomatoes that rise by 18.5 per cent, onions by 5.9 per cent, chicken by 3.72 per cent, wheat flour by 3.63 per cent, garlic 2.47 per cent, and gram pulse by 1.41 per cent over the previous week. Likewise, LPG prices went up by 0.98 per cent, match box by 0.97 per cent, moong pulse 0.92 per cent, mustard oil 0.58 per cent and firewood became expensive by 0.51 per cent.

Egg prices reduced by 1.45 per cent, sugar 1.4 per cent, diesel and bananas by 1.3 per cent each and potatoes by 1.1 per cent. Likewise, prices of petrol, mash pulse, masoor pulse, gur and rice basmati broken reduced by less than a per cent each.

For households earning less than Rs17,732 per month, inflation increased 0.68 per cent for the week, while the highest income group, earning more than Rs44,175 monthly, saw an increase of 0.36 per cent. On a yearly basis, the SPI rose 9.4 per cent for the lowest income group and 11.52 per cent for the highest income group.

While year-on-year, gas prices hiked by 570 per cent for the lowest consumer slab, followed by a 65 per cent spike in gram pulse prices. Similarly, onions prices increased by 43 per cent, tomatoes 42 per cent, powdered milk, chicken and beef by 25 per cent each. Likewise, shirting was dearer by 20 per cent, moong pulse 16 per cent, salt powder 15 per cent, georgette 14 per cent and energy saver price up by 13 per cent over a year ago.

Conversely, on a year-on-year basis, wheat flour was cheaper by 37 per cent, petrol 24 percent, diesel 22 per cent, chilies powder 20 per cent, electricity charges for the lowest slab by 13.5 per cent, sugar 13 per cent, cooking oil 11 per cent, and rice basmati (broken) 10 per cent. Besides, masoor pulse price reduced by 8.0 per cent, vegetable ghee and gur by 6.0 per cent each and LPG became cheaper by 4.0 per cent over the same period last year.