Pakistan’s Short-Term Inflation Hits 7-Year Low

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Hassan Khan

Pakistan's Short-Term Inflation Hits 7-Year Low

SPI Inflation for Week Ending January 23, 2024: A Mixed Picture with Significant Price Shifts

The Sensitive Price Index (SPI) inflation for the week ending January 23, 2024, recorded a 0.52% increase on a year-on-year basis, according to data from the Pakistan Bureau of Statistics (PBS). This is the lowest year-on-year rise in SPI inflation in the past seven years, as noted by brokerage house Topline Securities.

The increase in inflation was primarily driven by significant price hikes in several essential items, including potatoes (up by 44.30%), pulse gram (37.98%), pulse moong (32.67%), powdered milk (25.89%), beef (22.37%), vegetable ghee (16.87% for 1kg and 14.54% for 2.5kg), garlic (16.28%), gas charges for Q1 (15.52%), shirting (14.83%), and firewood.

Read More: Weekly Inflation Records a Modest Decline

However, there were notable decreases in the prices of several items, with onions seeing a major drop of 51.59%, followed by eggs (39.15%), tomatoes (37.43%), wheat flour (36.29%), chilies powder (20%), electricity charges for Q1 (18.11%), and others like pulse masoor, pulse mash, rice basmati broken, diesel, LPG, and petrol, which all saw significant price reductions.

On a week-on-week basis, SPI inflation decreased by 0.77%, attributed to declines in the prices of tomatoes (down by 32.99%), eggs (10.23%), onions (9.79%), potatoes (7.37%), LPG (2.70%), pulse gram (1.61%), chicken (1.00%), pulse mash (0.76%), and gur (0.50%).

Out of 51 items, 14 (27.45%) saw price increases, 12 (23.53%) experienced price decreases, and 25 (49.02%) remained stable during the week.

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