Weekly inflation falls 1%, third consecutive decline

May 03, 2024 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 1.0% WoW during the week ended May 02, 2024, while the SPI rose 24.37% YoY compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 316.95 compared to 320.14 a week earlier, while the index was recorded at 254.84 a year ago.

During the week, out of 51 items, prices of 15 (29.42%) items increased, 18 (35.29%) items decreased and 18 (35.29%) items remained stable.

During the week, a major decrease was observed in the prices of Tomatoes (22.05%), Chicken (8.03%), Onions (7.71%), Wheat Flour (6.88%), and Bananas (5.25%).

On the other hand, a major increase was observed in the prices of Potatoes (6.06%), Salt Powder (0.91%), Garlic (0.85%), Powder Milk (0.70%), and Mutton (0.65%).

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging -0.95% and -1.12%.

The lowest income group experienced a weekly fall of 1.09%, while the highest income group experienced a fall of 0.95%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 17.55% and 28.07%.

Yearly SPI for the Lowest Income Group increased by 17.55% while the highest income group recorded an increase of 22.09%.

The average price of Sona urea stood at Rs4,925 per 50 kg bag which is 0.47% lower than last week’s price, while 61.41% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,215 per 50 kg bag, which is 0.18% lower than the previous week and 8.47% higher than prices last year.

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