Weekly inflation rose up to 1.30%

Weekly inflation rose up to 1.30%

Pakistan’s weekly inflation surged by 1.30%, and the annualized inflation reached 29.83% by the week ending August 3, driven by significant price hikes in energy and food items.

According to the Pakistan Bureau of Statistics (PBS), the sensitive price indicator (SPI) increase was mainly attributed to rising prices of tomatoes, LPG, petrol, diesel, chili powder, garlic, onions, powdered milk, eggs, and broken basmati rice.

Read more | Hike in Petroleum Prices

Decrease in food commodities

On the other hand, there was a decrease in the prices of mustard oil, chicken, and various quantities of vegetable ghee, wheat flour, and pulse moong.

SPI was recorded at 271.56 points, showing a rise from the previous week and a significant increase from the same period last year.

The SPI basket assigns different weights to various commodities, with the highest weights given to essential items like milk, electricity, wheat flour, sugar, firewood, long cloth, and vegetable ghee.

These items experienced varied price movements, impacting the overall inflation.

The soaring food prices are putting a strain on households, with some expressing difficulties in providing adequately for their families. The inflation rates also vary among different spending groups, affecting various income brackets.

Read more | Pakistan finally gets $3b IMF loan

Despite the challenges, the central bank of Pakistan decided to maintain the policy rate at 22% to meet IMF-set fiscal objectives and anticipate a decline in inflation in the upcoming months.

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