YoY weekly inflation records 30pc jump in Pakistan
Business
YoY weekly inflation records 30pc jump in Pakistan
ISLAMABAD (Web Desk) - Pakistanis are currently witnessing unprecedented hike in essential food and other items nowadays as weekly inflation has jumped by nearly 31 per cent as compared to last year.
The data released by the Pakistan Bureau of Statistics (PBS) shows that the year-on-year (YoY) trend portrays an increase of 30.60pc.
The bureau released its weekly report on the movement in prices of 51 essential items, collected from 50 markets in 17 major cities across the country.
The sensitive price index (SPI) has been increasing in double digits since Feb 2021, with minor variations throughout FY2021-22 and FY2022-23.
The prices are estimated to go further up in the coming week in view of the recent government decision to increase the prices of wheat flour, sugar and ghee by 25 to 62 per cent for sale through the Utility Stores Corporation (USC), to reduce the size of untargeted food subsidies.
The price index for the week ending on Jan 5, 2023 posted an increase of around 1.1pc, which was accompanied by massive surges in the prices of certain commodities.
