Inflation hits 37.6 percent on yearly basis

Inflation hits 37.6 percent on yearly basis. The rate of inflation in the country in the last week reached record high of 37.6 percent amid higher food and fuel costs even as the nation closes in on an International Monetary Fund bailout.

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 3.68% during the week ended Jul 28, 2022 while the SPI increased by 37.51% compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 207.47 compared to 200.1 on Jul 21, 2022 while the index was recorded at 150.88 a year ago, on Aug 05, 2021

Out of the 51 monitored items, the average price of 30 items increased, 7 items decreased whereas 14 items registered no change during the week.

Read more: Turkish inflation hits two-decade high of 78.6%

The weekly SPI percentage change by income groups showed that SPI increased across all quantiles ranging between 2.55% and 4.44%.

The Lowest Income Group witnessed a weekly increase of 3.27% while the highest income group recorded an increase of 3.54%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 31.36% and 37.78%.

Yearly SPI for the Lowest Income Group increased by 31.36% while the highest income group recorded an increase of 37.78%.

The average price of Sona urea stood at Rs.2434 per 50 kg bag which is 2.79% higher than last week’s price and 37.9% higher when compared to last year.