Weekly inflation stays above 40% for third consecutive week

December 01, 2023 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 41.05% YoY during the week ended November 30, 2023, while the SPI eased by 0.23% WoW compared to last week.

The yearly SPI has stayed above the 40% mark for the third 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 308.2 compared to 308.9 on November 23, 2023, while the index was recorded at 218.51 a year ago, on December 01, 2022.

Out of 51 items, the average price of 13 items increased, 14 items decreased, and 24 items remained stable.

The major increase was observed in the prices of Tomatoes (17.64%), Potatoes (5.11%), Chicken (3.58%), Sugar (2.01%), and Tea Lipton (1.29%).

On the other hand, the major increase was observed in the prices of Onions (18.25%), Banana (2.84%), Garlic (2.35%), Pulse Gram (1.09%), and Pulse Masoor (0.72%).

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between -0.26% and -0.21%.

Both the lowest and the highest Income Groups witnessed a weekly decline of -0.23%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 35.02% and 45%.

Yearly SPI for the Lowest Income Group increased by 35.02% while the highest income group recorded an increase of 38.83%.

The average price of Sona urea stood at Rs4,164 per 50 kg bag which is 3.81% higher than last week’s price and 65.97% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,240 per 50 kg bag, which is 1% higher than the previous week and 19.10% higher than prices last year.

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