Business

Pakistan’s inflation rate dips for third consecutive week

Published by

Staff Reporter

2 years ago

ISLAMABAD: Pakistan’s inflation rate has continued its downward trend for the third week in a row, with a slight decrease of 0.62% in the week ending August 29, 2024.

Although the annual inflation rate remains high at 15.34%, the short-term inflation indicator, the Sensitive Price Indicator (SPI), shows a marginal decline.

The SPI tracks prices of essential items across 17 cities and 50 markets, revealing a mixed bag of price movements. While 17 items saw price hikes, 10 items became cheaper, and 24 remained unchanged.

Weekly Products Price Update

Item	Price up	Item	Price down
Tomatoes	8.03 per cent	Chicken	-3.02 per cent
Onions	6.53 per cent	Bananas	-2.35 per cent
Pulse Gram	2.20 per cent	Chili Powder	-1.42 per cent
Garlic	1.76 per cent	Wheat Flour	-0.85 per cent
Potatoes	0.63 per cent	Pulse Masoor	-0.68 per cent

Moreover, notable price drops were seen in chicken, bananas, and wheat flour, offset by increases in tomatoes, onions, and potatoes. The inflation rate varied across income groups, with the lowest income group experiencing a slight increase and the highest income group seeing a decrease.

However, all income segments faced higher inflation every year, with the lowest income group hit the hardest. Additionally, the price of Sona urea, a key commodity, decreased slightly but remains 23.33% higher than last year.

Staff Reporter