SPI eases to 0.53pc after record hike.
ISLAMABAD -- Short-term inflation measured by the Sensitive Price Index (SPI) was recorded at 0.53 per cent week-on-week and 30.6pc year-on-year for the period ending Nov 3, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.
It was a sharp respite from last week, when the week-on-week change was record 4.13pc and the second biggest jump of 3.68pc for the Sept 22 week.
The annual increase in SPI has been on the decline for some time, falling from a peak of 45.5pc in the week ending Sept 1. Other notable mentions: 44.6pc (Aug 25), 42.7pc (Sept 8), 42.3pc (Aug 18). Prices rose at such a fast pace recently on the back of surging food and fuel prices.
A World Bank report estimated that the average Consumer Price Index (CPI)-based inflation in Pakistan would rise to 23pc in the current fiscal year from 12.2pc a year ago due to higher domestic energy prices, flood disruptions and a weaker rupee. Almost similar projections were made by the State Bank of Pakistan as well as the International Monetary Fund in their recent reports.
The annual CPI inflation surged 26.6pc in October after it slowed to 23.2pc in September from a 49-year high of 27.3pc in August as the country continued to be in the grip of high food and transport prices.
The SBP has been tightening its monetary policy to contain surging inflation and the rupee's rapid depreciation. Since September 2021, the central bank has increased the policy rate by a cumulative 800bps to 15pc, the highest rate since the 2008 global financial crisis.
Soaring vegetable prices especially onions and tomatoes due to damage to the standing crops and a massive hike in electricity rates have also contributed to pushing up inflation.
The IMF said in its country's staff report that the average CPI inflation was...
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