Weekly inflation rises as prices of 29 essential items surge

LAHORE: The Sensitive Price Indicator (SPI) for the combined group saw a week-on-week increase of 0.76 per cent for the week ending July 18, 2024, according to the latest data from the Pakistan Bureau of Statistics (PBS).

On a year-on-year basis, the SPI surged by 24.36 per cent, reflecting significant inflationary pressures compared to the same period last year.

The Combined Index stood at 321.40, up from 318.96 the previous week. In comparison, the index was at 258.45 a year earlier.

Out of the 51 monitored items, prices of 29 items (56.87 per cent) saw an increase, 5 items (9.80 per cent) experienced a decrease, and 17 items (33.33 per cent) remained stable during the week.

Notable price increases were recorded in chicken (10.26 per cent), powdered milk (4.56 per cent), petrol (3.77 per cent), eggs (2.76 per cent), and potatoes (2.30 per cent). Conversely, significant price drops were observed in tomatoes (4.45 per cent), bananas (2.25 per cent), onions (0.99 per cent), pulse masoor (0.19 per cent), and LPG (0.12 per cent).

The weekly SPI percentage change by income groups indicated increases across all quantiles, ranging from 0.49 per cent to 0.87 per cent. The lowest income group experienced a weekly rise of 0.49 per cent, while the highest income group saw a 0.87 per cent increase.

On an annual basis, the SPI increased across all income segments, with changes ranging between 16.14 per cent and 26.45 per cent. The lowest income group saw a 16.14 per cent rise, whereas the highest income group recorded a 22.77 per cent increase.

Additionally, the average price of Sona urea rose to Rs4,788 per 50 kg bag, marking a 0.64 per cent increase from the previous week and a substantial 42.23 per cent increase compared to last year. The average cement price also surged to Rs1,455 per 50 kg bag, reflecting a 1.53 per cent weekly increase and a 27.40 per cent rise from the previous year’s prices.

These figures highlight the persistent inflationary trends affecting essential commodities, impacting consumers across all income levels.

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