Inflation has increased at the rate of 28.44 percent on a year-on-year basis. The highest-ever energy and food prices have driven the increase in inflation. According to the Sensitive Price Indicator (SPI), the inflation declined for four weeks whereas it increased in two weeks.
The data has been released for the period ending on October 13. Inflation has eased by 0.57 percent on a week-on-week basis due to slightly declining energy prices, according to the data of SPI of the Pakistan Bureau of Statistics (PBS).
Earlier, for the week ending on September 1, the highest-ever increase in inflation was recorded at 45.50 percent, 44.58 percent for the week ending on August 25, 42.70 percent for the week ending on September 8 and 42.31 for the week ending on August 18 on a year-on-year basis.
Average Consumer Price Index (CPI) inflation has been predicted to rise to 23 percent by the World Bank (WB) in a report during the financial year 2023 from 12.2 percent in the financial year 2022. Domestically increasing energy prices, flood disruptions and a weak rupee will be factors for rising inflation, according to the WB report.
Higher prices have resulted due to soaring vegetable prices due to damaged crops because of floods along with increased electricity rates. The vegetable prices have been expected to increase in the coming weeks due to damage to standing crops in the country.
According to SPI monitors prices of 51 items were monitored of which prices of 18 items increased, 17 decreased and 16 were stable.
Prices of matchbox increased by 5.65 percent, powdered milk by 3.82 percent, firewood by 2.09 percent, bread plain by 2.05 percent, potatoes by 1.78 percent, cooked beef by 1.47 percent and tea Lipton by 1.24 percent.
Prices of tomatoes decreased by 13.51 percent, eggs by 2.12 percent, pulse masoor by 2.07 percent, onions by 1.57 percent, pulse gram by 1.39 percent, bananas by 1.36 percent and LPG declined by 2.74 percent.