Short-term inflation, as measured by the Sensitive Price Index (SPI), eased slightly, showing a year-on-year increase of 16.69% for the week ending August 22, according to official data released on Friday.
The SPI fell by 0.10% week-on-week, primarily due to a decrease in vegetable prices.
However, the government’s approval of sugar exports is likely to drive up consumer retail prices, with the national average price of sugar now at Rs160 per kilogramme.
Weekly inflation hit a record high of 48.35% year-on-year in early May 2023, before easing to 24.4% in late August 2023. However, it surged past 40% again during the week ending November 16, 2023.
The items that saw the most significant price declines on a week-on-week basis included tomatoes (21.96%), wheat flour (2.77%), bananas (2.08%), onions (1.70%), sugar (1.43%), chicken (1.25%), masoor pulse (1%), and bread (0.61%).
Conversely, the items that experienced the highest price increases over the previous week were eggs (6.10%), gram pulse (6.05%), potatoes (2.41%), cooked daal (0.89%), cooked beef (0.74%), mustard oil (0.63%), beef (0.47%), shirting (0.43%), fresh milk (0.39%), and LPG (0.16%).
On an annual basis, the items with the most significant price hikes included gas charges for Q1 (570%), onions (79.51%), gram pulse (51.34%), tomatoes (28.10%), powdered milk (26.14%), men’s sandals (25.01%), beef (23.89%), moong pulse (23.88%), shirting (23.61%), garlic (22.84%), salt powder (21.36%), and georgette fabric (15.18%).
