Weekly inflation hits seven-week high

The weekly inflation gauge, called the Sensitive Price Indicator (SPI), touched a seven-week high of 15.02% year-on-year mainly owing to a hike in food prices, according to the numbers released by the Pakistan Bureau of Statistics (PBS) on Friday.

The short-term inflation also increased week-on-week, ticking up 0.28% in the week ended October 17, 2024 compared to a slowdown in the previous week.

SPI comprises 51 essential items whose price data is collected by the PBS from 50 markets across 17 cities in the country.

During the week under review, prices of 19 (37.25%) items increased, rates of nine (17.65%) items decreased and prices of 23 (45.10%) items remained unchanged compared to the previous week.

The week-on-week inflation rate of 0.28% was led by prices of tomatoes, which surged 26.24% to Rs148.40 per kg compared to Rs117.55/kg in the previous week.

It was followed by moong pulse, which became costlier by 9.86% and reached Rs366.22/kg compared to Rs333.35/kg last week.

Gram pulse rose 3.15% to Rs418.27/kg compared to Rs405.49/kg a week ago while 20kg wheat flour bag cost 2.10% more at Rs1,865.03 compared to Rs1,826.72.

The price of high-speed diesel went up 2.01% to Rs252.43/litre compared to Rs247.46/litre in the previous week.

Prices of many other essential commodities rose up to 1.50%, which included liquefied petroleum gas, garlic, chicken, eggs, mustard oil and firewood.