ISLAMABAD
Short-term inflation rose 29.65 per cent on a year-on-year basis in the week ending on Oct 27 despite a hefty cut in prices of petroleum products, according to official data released on Friday.
Measured by the Sensitive Price Index (SPI), the rate decelerated below 30pc following a steady increase over five successive weeks. On a week-on-week basis, the SPI slightly eased 0.33pc mainly because of a drop in petrol price.
Last week, the caretaker government made a hefty cut in the prices of petroleum products. The impact of this decline was visible in the prices of vegetables because of the drop in transportation charges.
In the forthcoming review, petrol prices are projected to experience a minor increase of around Rs2.43 per litre. Conversely, diesel prices are anticipated to decrease by Rs5.65 per litre. This comes in the wake of a recent surge in global oil prices, triggered by the crisis in the Middle East.
