Weekly inflation rises 1.24pc due to increase in food prices

ISLAMABAD: The Sensitive Price Index (SPI)-based weekly inflation for the combined group in the period ended on October 8 increased by 1.24pc on the back of an uptick in prices of essential food items, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.

For the lowest income group earning below Rs17,732 per month, the SPI increased by 1.56pc, while the same for the highest-earning group i.e. those earning above Rs44,175, recorded an increase of 1.08pc.

The PBS calculates the Sensitive Price Index (SPI) based on the prices of 51 essential items from 50 markets across 17 cities of the country.

Items that witnessed a price increase during the week included tomatoes (16.39pc); onions (12.78pc); eggs (10.78pc); chicken (5.34pc); wheat flour bag (2.78pc); potatoes (2.64pc); moong pulse (1.21pc); and sugar (1.03pc).

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Meanwhile, the prices of non-food items remained unchanged over the week.

Items whose prices declined during the week included bananas (2.17pc); mash pulse (0.19pc); and gur (0.04pc).

It is worth mentioning that the Consumer Price Index (CPI) inflation during the month of September accelerated by 9.04pc — above expectations — on the back of an increase in food inflation.

Arif Habib Ltd (AHL), in its analysis on the September inflation, had noted that the uptick in food prices was likely to be short-lived due to an expected reversal in volatile food prices — staple goods mainly — on improving supply post-monsoon season and resumption of logistics following the easing of the coronavirus lockdown.

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