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ISLAMABAD: The weekly inflation rate went down a little to 40.58 percent, mostly because of higher energy costs and the prices of basic cooking items.
The Sensitive Price Index (SPI) showed a small drop in inflation from the previous week to the following week (WoW) that finished on September 15. This was reported by the Pakistan Bureau of Statistics (PBS) on Friday. It has been known for two weeks that WoW is losing players.
Before this, the last time the SPI went up year-over-year (YoY) was in September 2018, when it went up 45.50 percent. Before that, it went up 44.58 percent in August 25 and 42.31 percent in August 18. On a year-over-year basis, the SPI was 42.70pc last week.
The SPI went down a little from one week to the next, according to the most recent data from PBS. This was mostly due to a big drop in food prices, especially for tomatoes and onions that came from Afghanistan and Iran. For the week ending July 28, inflation rose by 3.68 percent, which was the most in the world.
Prices have gone up because of damage to standing crops that has caused vegetable prices to skyrocket and because electricity rates have gone up a lot. Vegetable prices will go up in the next few weeks because of the damage to crops that are still growing.
For the current fiscal year, the government has set a low yearly inflation goal of 11.5%. But the Federal Board of Revenue thinks inflation will be 12.8%. This is because inflation is one way that the government collects more taxes from people. Independent experts think that inflation will stay between 25% and 30%.
In its country’s staff report, the International Monetary Fund said that the average Consumer Price Index (CPI) inflation would rise to 20% this fiscal year. Core inflation would also stay high because of higher energy prices and the fall of the rupee.
Prices for 51 basic things are tracked by the SPI, which does this by polling 50 shops in 17 towns across the country. The prices of 31 of the 51 things we looked at went up, 10 went down, and 11 stayed the same during the week we looked at.
Price hikes were seen for Lipton tea (6.30%), eggs (2.54%), cooked beef and pulse gram (2.53%), wheat flour (1.96%), Irri 6/9 rice (1.73%), cooked daal (1.71%), pulse mash (1.68%), and bread (1.45%).
Tomatoes (170.51%), diesel (105.12%), petrol (90.73%), pulse masoor (76.65%), pulse gram (67.11%), mustard oil (65.75%), cooking oil five-liter bottle (65.45%), washing soap (61.05%), vegetable ghee 2.5 Kg (60.68%), LPG (56.61%), and vegetable ghee 1K (60.68%) were the items whose prices went up the most from one year to the next.
