Weekly inflation increases 1.11%

March 08, 2024 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.11% WoW during the week ended March 07, 2024, while the SPI rose 32.39% 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 322.86 compared to 319.30 on February 29, 2024, while the index was recorded at 243.87 a year ago, on March 09, 2023.

Out of 51 items, the average price of 14 items increased, 14 items decreased, and 23 items remained stable.

During the week, a major increase was observed in the prices of Onions (33.86%), Potatoes (23.81%), Tomatoes (16.42%), Bananas (7.12%) and LPG (4.43%).

It is important to note that due to the escalating prices of onions and bananas, the government on March 06 decided to ban the export of both food items till the end of Ramadan.

On the other hand, a major decrease was observed in the prices of Chicken (6.95%), Tea (1.29%), Cooking Oil 5 Litre (0.96%), Bread Plain (0.51%) and Gur (0.40%).

The weekly SPI percentage change by income groups showed that SPI increased across all quantiles ranging between 0.99% and 1.69%.

The Lowest Income Group witnessed a weekly rise of 1.69% while the highest income group recorded a rise of 0.99%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 27.43% and 37.80%.

Yearly SPI for the Lowest Income Group increased by 27.43% while the highest income group recorded an increase of 28.7%.

The average price of Sona urea was at Rs4,948 per 50 kg bag which is 0.11% higher than last week’s price and 70.30% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,232 per 50 kg bag, which is 0.19% lower than the previous week and 9.84% higher than prices last year.

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