Short-term inflation climbs to 11.97pc as weekly prices stay in double digits
Short-term inflation climbs to 11.97pc as weekly prices stay in double digits
Pakistan’s short-term inflation rose to 11.97 per cent year-on-year in the latest weekly reading, data from the Pakistan Bureau of Statistics showed on Friday, keeping the pace of price rises in double digits for another week.
The Sensitive Price Indicator, which tracks 51 essential items across 50 markets in 17 cities, has now stayed above 10pc for several consecutive weeks, driven largely by persistent increases in petroleum prices.
Short-term inflation stays in double digits
The reading, released on Friday, covers the week ended October 8 and extends a run of high weekly inflation. A week earlier, the index stood at 11.53pc year-on-year for the week ended October 1, when the SPI reached 370.46 points after a 0.21pc weekly rise. The week before that, the annual rate was 11.92pc.
PBS publishes the SPI every Friday for the week ended the previous day, using 2015-16 as its base year.
Fuel prices keep the pressure on
Petrol and diesel remain the heaviest drag on household budgets. Petrol now retails at Rs398.96 a litre and high-speed diesel at Rs395.72 after the government raised prices on October 8, adding Rs2.31 and Re0.78 respectively.
The weekly survey for the previous week had put average petrol at Rs389.51 a litre, up 44.05pc from a year ago, and diesel at Rs402.53, up 44.50pc. Onions, LPG and electricity charges have also risen sharply over the year: for the week ended October 1, onions were 114.20pc dearer than a year earlier, LPG 66.59pc, and electricity charges for the lowest consumption group 58.59pc.
Some relief came from perishables. Tomatoes were 45.52pc cheaper than last year, potatoes 39.54pc and sugar 21.95pc, though these smaller items carry less weight in a monthly budget than fuel, power and flour.
What it means for households
The burden is not spread evenly. In the week ended October 1, the highest-spending households faced 11.99pc annual inflation against 9.00pc for the lowest-spending group, because fuel carries a heavier weight in the spending of better-off homes.
The monthly picture looks different. The Consumer Price Index rose 10.3pc year-on-year in September, down from 11.1pc in August. The SPI covers fewer items and moves faster than the CPI, so the two rarely match.
Planning Minister Ahsan Iqbal has ordered tighter monitoring of food prices after the recent surge, with wheat flour a particular concern.
What is the Sensitive Price Indicator?
The SPI is a weekly check on the prices of 51 essential items, collected from 50 markets in 17 cities. It is a barometer of short-term price moves, not the official inflation rate, which comes from the monthly Consumer Price Index.
When is the next SPI release?
PBS usually publishes the SPI on Friday for the week ended the previous day, so the next reading should cover the week ended October 15.
How does the SPI differ from the CPI?
The SPI tracks 51 items in cities only and leaves out rent, school fees, medicines and transport fares. The CPI is published monthly and covers a far wider basket of goods and services.
Related: Petrol up Rs2.31 to Rs398.96, diesel rises Re0.78 to Rs395.72 in fresh revision
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