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Weekly inflation remains high at 42.68% YoY

Weekly inflation remains high at 42.68% YoY
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December 08, 2023 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 42.68% YoY during the week ended December 07, 2023, while the SPI increased by 1.16% WoW compared to last week.

The yearly SPI has stayed above the 40% mark for the fourth consecutive week, following a noteworthy hike in gas prices.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 311.78 compared to 308.2 on November 30, 2023, while the index was recorded at 218.52 a year ago, on December 08, 2022.

Out of 51 items, the average price of 15 items increased, 14 items decreased, and 22 items remained stable.

During the week, the major increase was observed in the prices of Onions (8.42%), Energy saver (3.02%), Eggs (2.52%), Electricity Charges for Q1 (2.03%), and Pulse Moong (0.88%).

On the other hand, the major decrease was observed in the prices of Tomatoes (9.82%), Potatoes (4.34%), Chicken (2.99%), Tea Lipton (2.58%), and Diesel (2.31%).

The weekly SPI percentage change by income groups showed that SPI decreased across all 2 quantiles, while it increased across 3 quantiles.

The Lowest Income Group witnessed a weekly decline of -0.17% while the highest income group recorded an increase of 1.65%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 34.79% and 46.37%.

Yearly SPI for the Lowest Income Group increased by 34.79% while the highest income group recorded an increase of 41.11%.

The average price of Sona urea stood at Rs4,267 per 50 kg bag which is 2.48% higher than last week’s price and 67.72% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,244 per 50 kg bag, which is 0.35% higher than the previous week and 19.88% higher than prices last year.

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Posted on: 2023-12-08T14:42:26+05:00