Weekly inflation decreases by 0.67% after seven-week hiatus

• Weekly inflation in Pakistan, based on SPI, for the week that ended on Nov 25, registered a slight decrease of 0.67%.
• On a year-on-year basis, the SPI inflation recorded an increase of 18.64%.
• Average prices of 20 essential items rose during the outgoing week.

KARACHI: The weekly inflation in Pakistan, based on the Sensitive Price Index (SPI), for the week that ended on November 25, registered a slight decrease of 0.67% (week-on-week) for the combined income group — after a hiatus of seven weeks.

Meanwhile, on a year-on-year basis, the SPI inflation recorded an increase of 18.64%, which is the highest level since April 2021.

The combined income group index went down from 169.29 points during the week that ended on November 18 to 168.16 points in the week under review.

According to the provisional figures released by the Pakistan Bureau of Statistics (PBS), the average prices of 20 essential items, including bananas, vegetable ghee 2.5kg, a 5-litre tin of cooking oil, pulse masoor, etc., rose during the outgoing week.

Prices of eight items, including tomatoes, onions, chicken, sugar and wheat flour declined. Meanwhile, the rates of 23 essential goods remained unchanged.

The bureau, in its weekly report, said that among food items, the price of bananas increased by a significant 2.11%. Meanwhile, 2.5kg of vegetable ghee, a 5-litre tin of cooking oil and pulse masoor recorded an increase of 2.02%, 1.32%, and 1.03%, respectively.

Among non-food items, prices of washing soap (250 grams) and firewood rose by 2.77% and 1.09%, respectively.

During the week under review, the price of tomatoes dropped by 15.42%, while the price of onions, chicken, sugar, and wheat flour recorded a decrease of 7.43%, 6.62%, 1.87% and 0.95%.

The SPI for the lowest income group decreased by 0.81% compared to the previous week. The index for the group stood at 177.60 points against 179.05 points in the previous week.

Earlier today, Adviser to Prime Minister on Finance and Revenue Shaukat Tarin said: "Our problem is not of poverty, but of inflation," adding that according to the World Bank, poverty in the country has decreased by 1%.