Weekly inflation increases by 0.28%

October 18, 2024 (MLN): Pakistan's short-term inflation increased by 0.28% compared to last week as of October 17, 2024, while it rose 15.02% over the prior year, the Pakistan Bureau of Statistics (PBS) reported on Friday.

PBS calculates short-term inflation using the sensitive price indicator (SPI) on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.

SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country. During the week, out of these items, prices of 19 (37.25%) items increased, 09 (17.65%) items decreased and 23 (45.10%) items remained stable.

On a weekly basis, a major increase was observed in the prices of Tomatoes (26.24%), Pulse Moong (9.86%), Pulse Gram (3.15%), Wheat Flour (2.10%), and Diesel (2.01%).

On the other hand, a decrease was observed in the prices of Onions (7.02%), Bananas (2.83%), Gur (1.82%), Potatoes (1.15%), and Pulse Mash (0.72%).

The weekly SPI percentage change by income groups showed that SPI increased across all quantiles ranging 0.27% and 0.28%.

The lowest income group experienced a weekly rise of 0.27%, while the highest income group experienced a rise of 0.28%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 10.29% and 17.99%.

Yearly SPI for the Lowest Income Group increased by 10.29% while the highest income group recorded an increase of 13.77%.

The average price of Sona urea stood at Rs4,568 per 50 kg bag which is 0.43% lower than last week’s price, while 20.71% higher when compared to last year.

Meanwhile, the average Cement price rose to Rs1,455 per 50 kg bag, which is 0.04% lower than the previous week and 21.33% higher than prices last year.

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