Weekly inflation inches down by 0.06%

November 24, 2023 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched down by 0.06% WoW during the week ended November 23, 2023.

Moreover, the SPI surged back above the 40% mark, to clock in at 41.13% YoY compared to the corresponding period from last year.

It is important to mention that last week, SPI for the combined group skyrocketed by 9.95% WoW on the back of the gas price hike during the week.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 308.90 compared to 309.09 on November 16, 2023, while the index was recorded at 218.87 a year ago, on November 24, 2022.

Out of 51 items, the average price of 18 items increased, 12 items decreased, and 21 items remained stable.

The major increase was observed in the prices of Garlic (4.61%), Onion (2.42%), Chicken (1.81%), Potatoes (1.69%) and Pulse Masoor (1.01%).

On the other hand, a major decrease was observed in the prices of Tomatoes (5.78%), Vegetable Ghee 2.5 KG (1.36%), Cooking Oil 5 Litre (1.31%), Banana (0.91%), and Vegetable Ghee 1 KG (0.82%).

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between 0.02% and 0.18%.

The Lowest Income Group witnessed a weekly decrease of 0.18% while the highest income group recorded a decrease of 0.02%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 34.87% and 38.98%.

Yearly SPI for the Lowest Income Group increased by 34.87% while the highest income group recorded an increase of 38.98%.

The average price of Sona urea stood at Rs4,011 per 50 kg bag which is 2.07% higher than last week’s price and 62.08% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,228 per 50 kg bag, which is 2.70% higher than the previous week and 17.73% higher than prices last year.

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