Weekly inflation eases by 0.34 per cent

ISLAMABAD: The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.34 per cent for the week ending May 23, 2024, according to data released by the Pakistan Bureau of Statistics (PBS).

Despite the weekly decline, the SPI showed a significant year-on-year increase of 21.31 per cent compared to the same period last year.

The combined index stood at 308.19 points, down from 309.25 points the previous week. A year ago, the index was recorded at 254.05 points.

Out of the 51 items monitored, the prices of 12 items (23.53 per cent) increased, 18 items (35.29 per cent) decreased, and 21 items (41.18 per cent) remained unchanged during the week. Significant price decreases were observed in garlic (7.87 per cent), chicken (5.92 per cent), wheat flour (4.66 per cent), LPG (3.23 per cent), and onions (1.99 per cent).

Conversely, notable price increases were seen in beef (0.49 per cent), energy savers (0.44 per cent), pulse gramme (0.42 per cent), milk powder (0.37 per cent), and prepared tea (0.30 per cent).

The SPI percentage change across different income groups showed a uniform decrease ranging from -0.33 per cent to -0.39 per cent. The lowest-income group experienced a fall of 0.38 per cent, while the highest-income group saw a reduction of 0.33 per cent.

On an annual basis, the SPI increased across all income segments, with changes ranging between 14.49 per cent and 24.62 per cent. The SPI for the lowest income group rose by 14.49 per cent, while the highest income group saw an increase of 19.2 per cent.

Additionally, the average price of Sona urea was Rs4,803 per 50 kg bag, a decrease of 0.73 per cent from the previous week but a substantial increase of 55.31 per cent compared to last year.

Meanwhile, the average price of cement was Rs1,233 per 50 kg bag, marking a 1.91 per cent increase from the previous week and a 10.07 per cent rise from last year.

This data underscores the ongoing inflationary pressures on essential commodities in Pakistan, despite the minor weekly relief observed.

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