Weekly inflation surges by 1.37%

March 10, 2023 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group has surged by 1.37% during the week ended on March 09, 2023, while the SPI increased by 42.27% compared to the corresponding period from last year.

As prices continue to soar, consumers are feeling the pinch of the rising costs of basic goods and necessities.

Food items are among the hardest hit, with tomatoes, potatoes, onions, sugar, bananas, cooking oil, wheat flour, vegetable ghee, curd, fresh milk, tea Lipton, rice Basmati broken, and powdered salt all experiencing a sharp increase in prices. Non-food items such as lawn printed and shirting also saw an increase.

While there were some decreases in prices for items such as chicken, garlic, pulse moong, and eggs, the overall trend is that prices are on the rise, and consumers are feeling the impact. Out of 51 items, prices of 29 (56.86%) items increased, 08 (15.69%) items decreased and 14 (27.45%) items remained stable.

Meanwhile, only a few items such as tomatoes, chillies powdered, and electricity charges for Q1 saw a decrease in prices.

The data further revealed that the Combined Index was at 243.87 compared to 240.57 on Mar 02, 2023, while the index was recorded at 171.41 a year ago, on Mar 10, 2022

Out of the 51 monitored items, the average price of 29 items increased, 8 items decreased whereas 14 items registered no change during the week.

The weekly SPI percentage change by income groups showed that SPI increased across all quantiles ranging between 1.29% and 1.71%.

The Lowest Income Group witnessed a weekly increase of 1.62% while the highest income group recorded an increase of 1.71%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 39.09% and 44.14%.

Yearly SPI for the Lowest Income Group increased by 39.09% while the highest income group recorded an increase of 44.14%.

The average price of Sona urea stood at Rs.2906 per 50 kg bag which is 0.24% higher than last week’s price and 50.65% higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs.1121 per 50 kg bag, which is 0.63% higher than the previous week and 42.44% higher than prices last year.

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