Pakistan’s weekly inflation drops to 14pc

The weekly inflation, measured by the Sensitive Price Indicator (SPI), witnessed a further decrease of 0.15 per cent for the combined consumption groups during past week, ARY News reported quoting the Pakistan Bureau of Statistics (PBS).

As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed aa drop of 0.15 per cent to 14 per cent.

During the week, out of 51 items, prices of 19 (33.33%) items increased, 13 (19.61%) items decreased and 19 (47.06%) items remained stable.

The items which recorded major increase in the week include onion (Rs5.58/kg), Garlic (Rs7.38 per kg), Eggs (Rs1.65 per dozen), potatoes, rice, fresh milk, beef, salt and other items.

The items, which recorded major decrease in their average prices on a week-on-week basis included tomatoes (Rs19.3 per kg), chicken (Rs6.73 per kg), 20-kg flour bag (Rs23.32).

Earlier, the PBS reported, Pakistan’s headline inflation clocked in at 9.6% on a year-on-year basis in August as compared to 11.1% in the last month and 27.4% in August 2023.

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The weekly inflation reading was back into single-digits after a span of three years, showed Pakistan Bureau of Statistics (PBS) data.

Back in October 2021, CPI inflation stood at 9.2%.

On a month-on-month basis, CPI increased to 0.4% in August 2024 as compared to an increase of 2.1% in the previous month and an increase of 1.7% in August 2023.

In its monthly economic outlook, the finance ministry had stated that it expects inflation in August to range between 9.5% and 10.5%.

“On the account of stability in economic indicators, inflation is expected to remain within the range of 9.5-10.5% in August and further decline to 9-10% in September 2024,” the Ministry of Finance said in its ‘Monthly Economic Update and Outlook’.