ISLAMABAD: Pakistan inflation rate rose to 37.07% year-on-year in October, data released by the Pakistan Bureau of Statistics showed on Friday.
However, the weekly inflation measured by the Sensitive Price Index (SPI) for the current week ended on October 5, 2023 recorded an increase of 0.11%. In one week, tomatoes became expensive by 12.45%, onions by 11.96%, garlic by 2.59%, potatoes by 1.81%, Daal by 1.27%, and eggs by 0.84%.
Bread, LPG and firewood have also become expensive. In one week, chicken has become cheaper by 2.78% and Daal Masoor by 1.80%. Prices of Daal Moong, Daal Maash, flour and ghee have also decreased. During the week, out of 51 items, prices of 19 (37.26%) items increased, 16 (31.37%) items decreased and 16 (31.37%) items remained stable.
The year-on-year trend depicts the increase of 37.07%, electricity charges for Q1 (118.16%), gas charges for Q1 (108.38%), cigarettes (94.69%), rice basmati broken (87.60%), chilies powder (84.84%), sugar (79.55%), rice Irri-6/9 (78.69%), wheat flour (77.91%), gur (67.68%), tea lipton (60.72%), gents sponge chappal (58.05%), salt powdered (56.48%), garlic (54.78%), gents sandal (53.37%), petrol (43.70%) and potatoes(42.99%), while decrease is observed in the prices of tomatoes (54.05%), onions (18.21%), pulse gram (2.67%) and mustard oil (0.16%).
On Friday, the ministry of finance said in its monthly report that it anticipated inflation remaining high in the coming month, hovering around 29-31% due to an upward adjustment in energy tariffs and a major increase in fuel prices.
The report added that inflation was, however, expected to ease, especially from the second half of the current fiscal year that starts on Jan. 1.
On Saturday Pakistan cut petrol and diesel prices from a record high, after two consecutive hikes. The finance ministry cited international prices of petroleum products and the improvement in the exchange rate, following the clampdown on unregulated FX trade.