Pakistan's short-term inflation experienced a slight decrease of 0.16% during the week ending August 15, 2024, according to the Pakistan Bureau of Statistics (PBS).
Despite this weekly dip, the annual inflation rate remains significantly elevated at 16.86%.
The Sensitive Price Indicator (SPI), which tracks the price movement of essential commodities on a weekly basis, reported mixed changes across various items. The SPI is calculated from 51 essential items collected from 50 markets in 17 cities.
Notable decreases: The week saw substantial drops in the prices of several key items. Onions fell by 4.91%, Petrol decreased by 3.15%, Diesel by 2.44%, Wheat Flour by 1.83%, and Pulse Moong by 1.81%.
Price increases: Conversely, prices for Tomatoes surged by 34.77%, Eggs rose by 4.78%, Garlic increased by 1.99%, Beef by 0.88%, and Cooked Beef by 0.41%.
The SPI changes varied across different income groups. The lowest income group experienced a slight increase of 0.07%, while the highest income group saw a decline of 0.25%. Over the year, SPI increased for all income quantiles, with the lowest income group witnessing a rise of 10.82% and the highest income group experiencing a 15.77% increase.
Commodity prices:
The average price of Sona urea stood at Rs4,755 per 50 kg bag, reflecting a weekly decrease of 0.28% but a yearly increase of 32.84%.
The average price of Cement rose to Rs1,448 per 50 kg bag. This represents a decrease of 0.54% from the previous week, though it is 24.77% higher compared to last year.
