Short-term inflation rate slows for 5th week

The week-on-week inflation, measured by the Sensitive Price Indicator (SPI), slowed down 1.06% in the wake of decrease in food and energy prices in the week ended May 16, 2024, maintaining its downward trend for the fifth consecutive week.

According to data compiled by the Pakistan Bureau of Statistics (PBS) and local research houses, the short-term inflation rate decelerated to a 22-month low at 21.22% compared to the corresponding week of last year. It, however, still remained elevated as reflected in its double-digit reading.

The drop in week-on-week inflation was led by tomatoes, which became cheaper by 31.18% to Rs59.21 per kg compared to Rs86.03/kg in the prior week. It was followed by onions as their price dived 21.84% to Rs99/kg from Rs126.67/kg in the previous week.