The Sensitive Price Index (SPI)-based inflation in Pakistan has recorded an increase of 18.41 percent year-on-year for the week ending August 1, 2024, according to the Pakistan Bureau of Statistics (PBS). Despite the rise, this year-on-year reading marks the lowest inflation rate in over two years, since May 26, 2022, as noted by Arif Habib Limited (AHL).
The year-on-year increase was mainly driven by higher prices for gas charges (570 percent), onions (86.53 percent), pulse gram (41.78 percent), powdered milk (32.32 percent), pulse moong (30.21 percent), garlic (27.88 percent), salt powder (23.28 percent), beef (23.13 percent), pulse mash (21.22 percent), and energy savers (17.96 percent).
Conversely, significant price decreases were observed in wheat flour (32.28 percent), electricity charges (15.46 percent), cooking oil (13.44 percent), vegetable ghee 2.5 kg (9.99 percent), vegetable ghee 1 kg (9.21 percent), eggs (7.90 percent), chili powder (7.04 percent), mustard oil (6.80 percent), basmati rice (5.68 percent), petrol (1.20 percent), and diesel (0.16 percent).
On a week-on-week basis, SPI-based inflation decreased by 0.12 percent, driven by lower prices for electricity charges (15.80 percent), diesel (3.81 percent), petrol (2.23 percent), wheat flour (0.98 percent), and sugar (0.21 percent), as reported by PBS.
During the week, out of 51 items, prices for 24 items (47.06 percent) increased, 7 items (13.72 percent) decreased, and 20 items (39.22 percent) remained stable.
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