Weekly inflation drops by 0.28%

February 02, 2024 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group fell by 0.28% WoW during the week ended February 01, 2024, while the SPI increased by 39.45% YoY compared to the corresponding period from last year.

It is pertinent to note that this marks the second consecutive weekly decline in prices.

Furthermore, the year-over-year reading has dropped below the 40% mark for the first time in twelve weeks.

Out of 51 items, the average price of 12 items increased, 17 items decreased, and 22 items remained stable.

During the week, a major decrease was observed in the prices of Tomatoes (18.28%), Eggs (7.77%), Onions (6.99%), LPG (1.53%) and Tea Lipton (1.29%),

On the other hand, a major increase was observed in the prices of Petrol (5.20%), Chicken (1.88%), Diesel (0.95%), Energy Saver (0.70%) and Bananas (0.68%),

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between 0.06% and 0.85%.

The Lowest Income Group witnessed a weekly decline of 0.85% while the highest income group recorded a decrease of 0.06%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 32.79% and 43.58%.

Yearly SPI for the Lowest Income Group increased by 32.79% while the highest income group recorded an increase of 37.33%.

The average price of Sona urea fell to Rs4,536 per 50 kg bag which is 0.39% lower than last week’s price while 58.19% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,209 per 50 kg bag, which is 0.3% lower than the previous week and 14.04% higher than prices last year.

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