Pakistan: Increase in gas prices drives short-term inflation to 42 pc

Islamabad [Pakistan]: An increase in gas prices has driven the annual short-term inflation in Pakistan to above 40 per cent for the first time in over four months, official data showed on Friday, Dawn reported. Dawn is a Pakistani English-language newspaper.

The Pakistan Bureau of Statistics (PBS) said the inflation reading stood at 41.9 per cent for the week ending November 16 mainly because of an over 1,100 per cent increase in gas charges compared to a year ago.

Other items whose prices increased the most included cigarettes (94.5 per cent), wheat flour (86.4 per cent), chilli powder (81.7 per cent), broken basmati rice (76.7 per cent), garlic (63.6 per cent), IRRI 6/9 rice (61.9 per cent), tea (54.6 per cent), gur (51 per cent), and sugar (50 per cent).

The short-term inflation, measured by a basket of goods and services called the Sensitive Price Indicator (SPI), also saw a massive increase compared to the previous week, rocketing to 10 per cent in the November 11-16 week from just 0.73 per cent a week ago.

The SPI, which currently stands at 309, is computed weekly to assess the prices of essential commodities and services at shorter intervals. The index comprises 51 items collected from 50 markets in 17 cities.

(ANI)