Weekly inflation rises 0.24%

November 08, 2024 (MLN): Pakistan's short-term inflation increased by 0.24% compared to last week as of November 07, 2024, while it rose 13.89% over the prior year, the Pakistan Bureau of Statistics (PBS) reported on Friday.

PBS calculates short-term inflation using the sensitive price indicator (SPI) on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.

SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country. During the week, out of these items, prices of 21 (41.18%) items increased, 10 (19.61%) items decreased and 20 (39.21%) items remained stable.

On a weekly basis, a major increase was observed in the prices of LPG (3.37%), Eggs (2.70%), Potatoes (2.63%), Onions (2.61%), and Mustard Oil (2.36%)

On the other hand, a major decrease was observed in the prices of Bananas (2.63%), Sugar (1.49%), Chicken (1.23%), Gur (0.99%), and Pulse Mash (0.72%)

The weekly SPI percentage change by income groups showed that SPI increased across all quantiles, ranging between 0.23% and 0.29%.

The lowest income group experienced a weekly rise of 0.23%, while the highest income group experienced a rise of 0.24%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 8.21% and 16.66%.

Yearly SPI for the Lowest Income Group increased by 8.21% while the highest income group recorded an increase of 12.71%.

The average price of Sona urea stood at Rs4,583 per 50 kg bag, 0.22 higher than last week’s price, and 17.91% higher when compared to last year.

Meanwhile, the average Cement price rose to Rs1,442 per 50 kg bag, which is 0.27% lower than the previous week while 20.98% higher than prices last year.

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