Weekly inflation falls by 0.78%

WEB DESK: In the latest release by the Pakistan Bureau of Statistics (PBS), the Weekly Sensitive Price Indicator (SPI) for the Combined Group exhibited a modest 0.78 per cent decrease week on week (WoW) for the period ending February 15, 2024.

However, the SPI registered a notable 34.25 per cent year-on-year (YoY) increase in comparison to the corresponding period last year.

As per the data provided, the combined index stood at 315.18 on February 15, 2024, a slight dip from 317.65 recorded on February 8, 2024. In contrast, the index was considerably lower at 234.77 a year ago, on February 16, 2023.

Among the 51 items considered, the average price of 22 items saw an increase, 11 items experienced a decrease, and 18 items remained stable during the week under review.

Notably, the Pakistan Bureau of Statistics did not release SPI data the previous week, while the SPI had shown a decline of 0.28 per cent WoW in the week before that.

Key trends in commodity prices during the week include a significant decrease in the prices of eggs (28.82 per cent), chicken (4.23 per cent), onions (3.48 per cent), LPG (2.85 per cent), and gur (1.13 per cent).

Conversely, there was a notable increase in the prices of bananas (4.64 per cent), potatoes (2.80 per cent), match boxes (1.31 per cent), long cloth (1.29 per cent), and cooked daal (0.77 per cent).

Analysing the weekly SPI percentage change across income groups revealed a universal decrease ranging between -0.82 per cent and -0.72 per cent. The lowest-income group experienced a 0.78 per cent decline, while the highest-income group recorded a decrease of 0.77 per cent.

On a yearly basis, SPI changes across different income segments showed an upward trajectory, with increases ranging between 28.68 per cent and 38.54 per cent.

The lowest-income group witnessed a 28.68 per cent YoY increase, while the highest-income group recorded a 32.08 per cent rise.

Furthermore, the average price of Sona urea decreased to Rs4,513 per 50 kg bag, marking a 0.50 per cent decline compared to the previous week and a substantial 54.84 per cent increase from prices a year ago.

Meanwhile, the average cement price was recorded at Rs1,234 per 50 kg bag, indicating a 2.05 per cent rise from the previous week and a 14.27 per cent increase compared to prices last year.

These fluctuations in the weekly SPI highlight the dynamic nature of the market, with varying trends across different commodities and income groups.

Analysts continue to closely monitor these indicators for insights into the economic landscape and potential implications for consumers.

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