Pakistan: Short-term inflation surges to 29.88% after rise in price of kitchen products
inflation in Pakistan has surged 29.88 per cent year on year in the week ending on November 2 due to the increasing prices of kitchen products, according to official data released on Friday, Dawn reported.
In May, the SPI stayed above 45 per cent for three weeks after hitting an all-time high of 48.35 per cent on May 4. The rupee's depreciation, rising petrol prices, sales tax, gas bills and electricity bills are among the key contributors to this inflationary trend.
Pakistan's consumer inflation in October was 26.9% year-on-year compared with 31.4% in September, statistics bureau data showed, as the country awaits its first review following a loan from the International Monetary Fund (IMF).
Weekly Inflation
The weekly inflation also increased 0.71 per cent on a week-on-week basis.
The SPI observed a fall last week as compared to a rising rate over five successive weeks.
People of Pakistan were left disappointed as the caretaker government maintained the prices of petrol and high-speed diesel for the current fortnight.
Out of all the 51 items in the SPI basket, prices of only 12 saw a rise as compared to other 14 products whose price dropped this time.
