Short-term inflation remains below 5pc

Short-term inflation, measured by the Sensitive Price Index (SPI), was 4.92 per cent year-on-year in the week ending Nov 21 owing to surging vegetable and edible oil prices. The SPI-based inflation reversed to a modest increase after three straight weeks of decline on an annual basis. On week-on-week, it increased by 0.67pc, Pakistan Bureau of Statistics data showed on Friday. After brief stability, the upward trend in short-term inflation was due to increased prices of food items, such as tomatoes, chicken, and edible oil. The government has kept petrol prices unchanged in the latest review. In March, the decline in SPI came after a consistent 11-week period of inflation above 40pc, which surged from 29pc recorded on Nov 8, 2023. The weekly inflation hit a record 48.35pc year-on-year in early May 2023, but then decelerated as low as 24.4pc in late Aug 2023 before surging past 40pc during the week ending on Nov 16, 2023.