Weekly inflation drops by 0.34%

May 24, 2024 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.34% WoW during the week ended May 23, 2024, while the SPI rose 21.31% YoY compared to the corresponding period from last year.

This was the sixth consecutive weekly decline.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 308.19 compared to 309.25 a week earlier, while the index was recorded at 254.05 a year ago.

During the week, out of 51 items, prices of 12 (23.53%) items increased, 18 (35.29%) items decreased and 21 (41.18%) items remained stable.

During the week, a major decrease was observed in the prices of Garlic (7.87%), Chicken (5.92%), Wheat Flour (4.66%), LPG (3.23%), and Onions (1.99%)

On the other hand, a major increase was observed in the prices of Beef (0.49%), Energy Saver (0.44%), Pulse Gram (0.42%), Milk Powder (0.37%), and Tea Prepared (0.30%).

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging -0.33% and -0.39%.

The lowest income group experienced a weekly fall of 0.38%, while the highest income group experienced a fall of 0.33%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 14.49% and 24.62%.

Yearly SPI for the Lowest Income Group increased by 14.49% while the highest income group recorded an increase of 19.2%.

The average price of Sona urea stood at Rs4,803 per 50 kg bag which is 0.73% lower than last week’s price, while 55.31% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,233 per 50 kg bag, which is 1.91% higher than the previous week and 10.07% higher than prices last year.

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