Black Friday: Pakistan’s SPI inflation jumps to 30.16%

Black Friday marks a return to the familiar shopping patterns, but inflation is weighing on consumers. Reason? Continuous rise in the prices of essential food items, especially eggs and chicken, in Pakistan pushed the weekly inflation to 30.16 percent year-on-year (YoY) for the week ending November 24.

According to the latest data released by the Pakistan Bureau of Statistics (PBS), the prices of vegetables like onions and tomatoes are also on the rise as the crops on a large hundreds of acres of land were destroyed by this year’s devastating floods.

But the bad news is the trend will continue as water hasn’t receded from many areas. Even if has in many, the farmers haven’t been able to cultivate new crops. Hence, the country would continue facing a higher food inflation in the months to come.

The PBS says inflation rose 0.48 percent week-on-week, compared to a 0.62 percent increase in the preceding week.

Last week, short-term inflation measured by the Sensitive Price Indicator (SPI) came in at 28.67percent YoY. It had reached a record high of 45.5 percent for the week ending Sept 1.

The SPI monitors the prices of 51 essential items based on a survey of 50 markets in 17 cities across the country. During the week under review, the prices of 19 items increased, those of nine items decreased while 23 items saw no change in their prices.

The highest YoY rise has been witnessed in the prices of onions 363.67 percent, tomatoes 64.74percent, diesel 64.57 percent, pulse gram 54.71 percent and petrol 53.85 percent.

On the other hand, the highest WoW rise has been witnessed in the prices of items like eggs 8.45 percent, bananas 5.87 percent, chicken 4.03 percent and onions 2.35 percent.

This year has seen decades-high inflation due to an increase in international commodity prices as well as the rupee’s depreciation and the monsoon floods.

The CPI inflation surged to 26.6 percent YoY in October after it slowed to 23.2 percent in September from a 49-year high of 27.3 percent in August as the country continued to be in the grip of high food and transport prices.

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