ISLAMABAD: Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), has slowed to 3.57 percent on a year-on-year basis in the week ending on Dec. 5, the country’s statistics bureau said, with Prime Minister Shehbaz Sharif congratulating the nation over the drop.
The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.
Inflation for the week ending on Dec. 05 decreased by 0.34 percent as compared to the previou week, with a major decrease observed in prices of tomatoes, chicken, pulses wheat flour, rice and liquefied petroleum gas (LPG).
In a statement issued from his office, Sharif noted that inflation had fallen to its lowest level since October 2018, saying that his government was working tirelessly to resolve public issues.
“Further steps are being taken for employment generation, industrial development and promotion of foreign investment in the country,” he said on Saturday.
The prime minister said an increase in remittances and investment from friendly countries as well as stable diplomatic relations were a reflection of Pakistan’s development journey.
“All stakeholders are playing their role in the national development journey,” he added.
Pakistan’s annual consumer inflation slowed to 4.9 percent in November largely due to a high base a year earlier, the statistics bureau said this week, lower than the government’s forecast.
The finance ministry had projected inflation would slow to 5.8 percent-6.8 percent in November and ease to 5.6 percent-6.5 percent in December, it said in its monthly economic report published last week. Consumer inflation cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.
The South Asian country, which has been facing an economic slowdown, also slashed interest rates by 250 basis points earlier in November to help revive a sluggish economy amid a drop in the rate of inflation.
On Friday, the Pakistan Stock Exchange (PSX) crossed 109,000 points as the bullish sentiment prevailed at the market, analysts said. The benchmark KSE-100 index surged by 814 points, or 0.75 percent, to hit a record high of 109,053 points as compared to the previous day’s close of 108,238 points.
