Weekly inflation surges 0.81%, marking 42.86% annual rise

ISLAMABAD: In the week ending January 4, 2024, the Weekly Sensitive Price Indicator (SPI) for the Combined Group exhibited a 0.81 per cent week-on-week increase.

This marks a substantial 42.86 per cent year-on-year surge compared to the corresponding period from the previous year.

Data released by the Pakistan Bureau of Statistics (PBS) reveals that the combined index stood at 313.66, up from 311.14 on December 28, 2023.

Contrasting this with the figure of 219.56 recorded a year ago on January 5, 2023, signifies a noteworthy change.

Among the 51 items under consideration, the average prices of 19 items saw an increase, 09 items witnessed a decrease, and 23 items remained stable.

Key fluctuations during the week were observed in the prices of tomatoes (16.04 per cent), chicken (13.98 per cent), eggs (3.20 per cent), onions (3.04 per cent), and bananas (2.13 per cent).

Conversely, notable decreases were noted in the prices of potatoes (8.68 per cent), Lipton tea (1.29 per cent), garlic (0.68 per cent), and cooking oil 5 litre & vegetable ghee 2.5 kg (0.54 per cent) each.

Analysing the weekly SPI percentage change across income groups, it is evident that SPI increased across all quantiles, ranging between 0.79 per cent and 0.84 per cent.

The Lowest Income Group experienced a weekly rise of 0.81 per cent, while the highest income group recorded an increase of 0.8 per cent.

On a yearly basis, a comprehensive examination of SPI change across different income segments indicates an increase between 35.33 per cent and 46.38 per cent.

The lowest-income group observed a yearly SPI rise of 35.33 per cent, while the highest-income group recorded an increase of 41.35 per cent.

The average cement price was recorded at Rs1,226 per 50 kg bag, marking a 0.47 per cent decrease from the previous week but a 17.43 per cent increase from last year’s prices.

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