Weekly inflation declines slightly as wheat flour prices ease

ISLAMABAD: Inflation, based on the Sensitive Price Index (SPI), saw a slight dip of 0.08 per cent for the week ending October 10, 2024, according to the Pakistan Bureau of Statistics (PBS).

This drop was mainly driven by decreases in the prices of key items, including tomatoes, which fell by nearly 20 per cent, bananas by 2.91 per cent, sugar by 1.47 per cent, and eggs by 0.27 per cent.

However, when looking at the bigger picture over the past year, inflation has risen by 12.74 per cent.

The primary culprits for this surge include gas prices, which skyrocketed by an astounding 570 per cent, along with noticeable jumps in the prices of essentials like pulse gram (up by 71 per cent), onions (49 per cent), chicken (26 per cent), and powdered milk (25 per cent).

On the flip side, some relief came from a sharp drop in wheat flour prices, which plummeted by over 34 per cent, and lower fuel prices, with petrol down by 23.51 per cent and diesel by 22.48 per cent.

Out of 51 essential items tracked by the SPI, prices rose for 15 items (around 29 per cent), while eight saw a decrease (roughly 16 per cent), and the rest remained stable. The SPI for the week stood at 318.91 points, slightly down from the previous week’s 319.17

Breaking it down by income group, the inflation dip varied slightly but remained around 0.08 per cent for most income brackets.

In terms of items that became pricier, onions saw a 4.14 per cent hike, followed by a 1.85 per cent increase in the cost of a 20kg wheat flour bag. Other items, including pulse gram, mustard oil, and potatoes, also saw modest price increases.

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