Record increase noted in weekly inflation rate

The Pakistan Bureau of Statistics has released the weekly inflation statistics on Friday noting a 2.41 per cent increase in Sensitive Price Indicator (SPI) which collectively computes the prices of essential item basket

SPI comprises 51 essential items and the prices are being collected from 50 markets in 17 cities of the country, says PBS.

According to the report, 25 amongst the essential items in the SPI basket recorded a jump in their prices, while 21 remained unchanged.

It said there was a recorded Rs2.7 surge in the price of electricity unit over the period of past week, which is amongst the 25 items in SPI basket that recorded price increases to add to overall inflationary numbers.

Price of poultry jumped Rs5.25; of sugar Rs8; of 20kg wheat flour bag Rs8.13, said the report released today.

Other things to concede price jump are pulses, clothing fabrics, eggs, and powdered milk.

Separately, prices of tomatoes, onions, jaggery, and firewood have booked a minor decrease in their prices.

Separately earlier today, it was reported the Oil and Gas Regulatory Authority (OGRA) proposed an Rs20.7 per litre hike in petrol price for the next month.

The OGRA proposed hiking price of diesel by Rs19.61. It has forwarded a summary to the petroleum division for approval, the sources said.

This hike was proposed on the basis of Rs30 per litre levy on petroleum products as compared to Rs17.97 levy the government is currently charging on per litre of petrol and Rs18.36 on per litre of diesel.