Weekly inflation skyrockets by 10% due to gas price hike

November 17, 2023 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group skyrocketed by 9.95% WoW during the week ended November 16, 2023, on the back of the gas price hike during the review week.

Moreover, the SPI surged back above the 40% mark, to clock in at 41.9% 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 309.09 compared to 281.12 on November 08, 2023, while the index was recorded at 217.82 a year ago, on November 17, 2022.

Out of 51 items, the average price of 25 items increased, 13 items decreased, and 13 items remained stable.

The major increase was observed in the prices of Gas (480%), Tea Lipton (8.88%), Pulse Masoor (5.28%), Chicken (3.99%), and Garlic (3.09%).

On the other hand, the major decrease was observed in the prices of Electricity Charges (16.06%), Tomatoes (11.16%), Sugar (4.24%), Diesel (2.15%), and Onions (1.49%).

The weekly SPI percentage change by income groups showed that SPI increased across all quantiles ranging between 6.63% and 12.8%.

The Lowest Income Group witnessed a weekly increase of 6.63% while the highest income group recorded an increase of 8.07%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 35.72% and 45.84%.

Yearly SPI for the Lowest Income Group increased by 35.72% while the highest income group recorded an increase of 39.67%.

The average price of Sona urea stood at Rs3,930 per 50 kg bag which is 1.1% higher than last week’s price and 59.06% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,195 per 50 kg bag, which is 0.27% higher than the previous week and 14.87% higher than prices last year.

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