Weekly inflation drops as onion and petrol prices decline

LAHORE: Pakistan’s short-term inflation dropped by 0.16 per cent for the week ending August 15, 2024, according to the Pakistan Bureau of Statistics (PBS) on Friday. However, the annual inflation rate still registered a significant rise of 16.86 per cent.

The PBS tracks short-term inflation through the Sensitive Price Indicator (SPI) on a weekly basis, which helps gauge the price fluctuations of essential commodities over a brief period, offering a clearer picture of the country’s price trends.

The SPI monitors 51 essential items sourced from 50 markets across 17 cities in Pakistan.

During the reported week, prices of 19 items (37.25 per cent) increased, 13 items (25.50 per cent) saw a decrease, and 19 items (37.25 per cent) remained unchanged.

Among the commodities that experienced the most significant price decreases were onions (down 4.91 per cent), petrol (down 3.15 per cent), diesel (down 2.44 per cent), wheat flour (down 1.83 per cent), and moong pulse (down 1.81 per cent).

Conversely, notable price increases were recorded for tomatoes (up 34.77 per cent), eggs (up 4.78 per cent), garlic (up 1.99 per cent), beef (up 0.88 per cent), and cooked beef (up 0.41 per cent).

When examining the SPI by income groups on a weekly basis, the index showed an increase for two income groups while decreasing for the other three, with changes ranging from a decrease of 0.25 per cent to a slight increase of 0.07 per cent.

The lowest income group experienced a 0.07 per cent rise, while the highest income group saw a decline of 0.25 per cent.

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