Islamabad: In an attempt to revive the stalled IMF programme, the government announced a massive hike in the POL prices this week, taking the petrol price to Rs 234 per litre. Following this, prices of various essentials have started skyrocketing.
According to the data released by the Pakistan Bureau of Statistics (PBS), the weekly inflation surged 3.38 per cent week-on-week and 27.82 per cent year-on-year.
The data by the PBS shows that during the week that ended on May 16, prices of 71 per cent of the commodities in the Sensitive Price Index (SPI) basket shot up.
This includes a massive increase in the prices of food and non-food items.
The report also shows that a decrease was observed in the prices of essentials, including sugar and LPG, among others.
Meanwhile, a massive inflation of 27.82 per cent year-on-year was observed by the bureau.
It is pertinent to mention that the Sensitive Price Indicator (SPI) is computed on a weekly basis to assess the price movements of essential commodities at a shorter interval of time so as to review the price situation in the country. SPI comprises 51 essential items collected from 50 markets in 17 cities of the country