Business
Weekly SPI rises 4.34% YoY on food price volatility | The Express Tribune
KARACHI:
Pakistan’s short-term inflation, measured by the Sensitive Price Indicator (SPI), rose 4.34% year-on-year (YoY) during the week ended October 9, 2025, according to data released by the Pakistan Bureau of Statistics (PBS).
The annual increase reflects persistent pressure from rising food and energy prices, even as the weekly trend showed only a marginal rise of 0.17%.
PBS report revealed that price increases for chicken, wheat flour, onions and eggs were the main contributors to the latest uptick, while prices for tomatoes, bananas and potatoes registered notable declines.
The weekly SPI, which tracks prices of 51 essential commodities across 50 markets in 17 cities, showed price hikes for 21 items (41.18%), reduction in six items (11.76%) and no change in 24 items (47.06%).
The most notable increases were recorded in chicken (8.92%), onions (7.47%) and wheat flour (5.74%), three of the most widely consumed food items in Pakistani households. Other commodities showing a rise included eggs (2.25%), gur (jaggery) (1.70%), garlic (0.86%), vegetable ghee – 1kg (0.86%), vegetable ghee – 2.5kg (0.59%), firewood (0.50%) and washing soap (0.23%).
Conversely, a significant drop was noted in tomato prices, which fell 11.34%, following a sharp increase in previous weeks. Other items showing a decline included bananas (1.29%), potatoes (0.93%), LPG (0.59%), pulse gram (0.35%) and mustard oil (0.07%).
Across consumption groups, the SPI increased between 0.14% and 0.20%, indicating that inflationary pressures were felt across all income brackets. The highest weekly increase of 0.20% was recorded for the fourth quintile (upper-middle-income households), while the lowest rise of 0.14% was seen in the lowest-income group.
On a YoY basis, the SPI rose 4.34%, reflecting continued inflationary strain despite some recent stabilisation in food and fuel prices. The data highlighted steep annual increases in several essential commodities, led by tomatoes (109.82%), ladies’ sandals (55.62%), sugar (36.08%) and gas charges for the lowest slab (29.85%).
Prices of wheat flour (17.70%), pulse moong (15.90%), gur (13.79%), beef (12.66%), diesel (12.57%) and vegetable ghee (up to 11.86%) also showed notable hikes over the past year.
However, several commodities exhibited price relief compared to last year. Prices of onions dropped sharply by 43.16%, garlic fell by 28.16%, electricity charges for Q1 by 26.26%, pulse gram by 24.97% and chicken by 24.30%. Prices of potatoes (-18.51%), pulse mash (-18.17%) and tea (-17.93%) also declined.
PBS data suggests that while the pace of inflation has moderated from last year’s high levels, food price volatility remains a key concern. Upcoming seasonal shifts and changes in fuel and energy tariffs could influence price dynamics in the coming weeks.
Business
India opposes China-led IFD pact’s inclusion; flags risks to WTO framework and core principles – The Times of India
India on Saturday said it has strongly opposed the China-led Investment Facilitation for Development (IFD) Agreement being incorporated into the World Trade Organisation (WTO) framework, flagging concerns over its systemic implications, PTI reported.The issue was raised at the ongoing 14th ministerial conference (MC14) of the WTO in Yaounde, Cameroon, where Commerce and Industry Minister Piyush Goyal said such a move could weaken the institution’s foundational structure.“Incorporation of the IFD agreement risks eroding the functional limits of the WTO and undermining its foundational principles,” Goyal said in a social media post.“At #WTOMC14, drawing inspiration from Mahatma Gandhi ji’s philosophy of Truth prevailing over conformity, India showed the courage to stand alone on the contentious issue of the IFD Agreement and did not agree to its incorporation into the WTO framework as an Annex 4 Agreement,” he said.Annex 4 of the WTO Agreement contains Plurilateral Trade Agreements that are binding only on members that have accepted them, unlike multilateral agreements which apply to all members.Goyal said that as part of WTO reform discussions, members are deliberating on guardrails and legal safeguards for plurilateral agreements before integrating any such outcomes into the framework.“In view of the systemic issue at hand, India showed openness to have good faith, comprehensive discussions and constructive engagement under the WTO Reform Agenda,” he added.India had also opposed the pact during the WTO’s 13th ministerial conference (MC13) in Abu Dhabi.The Investment Facilitation for Development proposal was first mooted in 2017 by China and a group of countries that rely significantly on Chinese investments, including those with sovereign wealth funds. The agreement, if adopted, would be binding only on signatory members.
Business
Middle East crisis: Jubilant FoodWorks reports some Domino’s outlets affected by LPG shortage – The Times of India
Jubilant FoodWorks Ltd (JFL), which operates Domino’s Pizza and Dunkin Donuts in India, has reported constraints in LPG cylinder supplies across parts of its store network due to the ongoing West Asia war, according to ET.In a filing to the BSE, the company said, “Operational impact at this stage is limited and being actively managed. The company is taking several steps to conserve LPG and working overtime to move to alternate energy sources like electricity and piped natural gas (PNG).”It added that it is in continuous touch with oil marketing companies to track developments and respond to the evolving situation. “The company is in constant engagement with oil marketing companies (OMCs) to remain apprised of the latest developments and plan operational responses accordingly, given the rapidly evolving nature of the situation,” the filing said.The company noted that it is closely monitoring the situation as supply disruptions persist.The impact is being felt across the restaurant industry, with several chains facing similar challenges due to LPG shortages.On March 10, the National Restaurant Association of India (NRAI) had advised its five lakh members to consider shorter operating hours, reduce items requiring long cooking times or deep frying, and adopt fuel-saving measures such as using lids while cooking, in view of supply constraints linked to the Gulf war.
Business
Russia sells reserve gold for first time in 25 years to fund Ukraine war deficit: Report – The Times of India
Russia has begun selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military expenditure, according to a report by Berlin-based news outlet bne IntelliNews.Regulatory data show that between 2022 and 2025, Russia sold gold and foreign currency worth over RUB 15 trillion ($150 billion), followed by an additional RUB 3.5 trillion ($35 billion) in just the first two months of 2026, the report noted. In January alone, the Central Bank of Russia sold 300,000 ounces of gold, followed by another 200,000 ounces in February.The move marks a significant shift in reserve management. Earlier, gold transactions were largely notional, involving transfers between the Ministry of Finance and the central bank without physical movement of bullion. In recent months, however, the central bank has started selling actual gold bars into the market.As a result, Russia’s gold holdings have declined to 74.3 million ounces, the lowest level in four years. The disposal of 14 tonnes in January and February is the largest two-month sale since the second quarter of 2002, when 58 tonnes were offloaded in a single tranche.The sales come as Russia’s fiscal position comes under increasing strain. The government ended 2025 with a budget deficit of 2.6 per cent of GDP, compared to an initial projection of 0.5 per cent, Berlin-based bne IntelliNews report noted. Economists estimate the actual deficit could be closer to 3.4 per cent, with some payments deferred to 2026 to limit the reported gap.Pressure on the budget has intensified as oil prices weakened in the second half of the year and US sanctions tightened, reducing the contribution of oil and gas tax revenues to about 20 per cent of total revenues — roughly half of pre-war levels.The decision to sell gold has also been influenced by the sharp rise in bullion prices to above $5,000 per ounce. This surge has pushed Russia’s international reserves to over $809 billion as of February 28, including around $300 billion of assets frozen in the West, according to the Central Bank of Russia. Of this, gold reserves alone are valued at about $384 billion.Russia currently holds more than 2,000 tonnes of gold, making it the world’s fifth-largest sovereign holder, according to World Gold Council data. The country had built up these reserves over the years to reduce dependence on dollar-denominated assets, especially after sanctions imposed following the annexation of Crimea in 2014 and further tightened after the invasion of Ukraine in 2022.Since 2022, the Ministry of Finance has relied on multiple funding channels to manage budget pressures. These include drawing from the National Welfare Fund, which still holds around RUB 4 trillion, increasing issuance of domestic OFZ treasury bonds, and raising value-added tax rates, which account for about 40 per cent of government revenues.The shift to selling physical gold suggests that Russia is now tapping its liquid reserve buffers more directly, underlining the growing fiscal strain as the conflict in Ukraine continues into its fourth year.
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