Weekly inflation rises after seven consecutive declines

WEB DESK: Pakistan has experienced a slight rise in weekly inflation following a period of seven consecutive declines. The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.11 per cent week-on-week (WoW) during the week ending May 30, 2024.

On a year-on-year (YoY) basis, the SPI showed a significant rise of 21.4 per cent compared to the same period last year.

According to data released by the Pakistan Bureau of Statistics (PBS), the combined index stood at 308.52, up from 308.19 the previous week. In comparison, the index was recorded at 254.13 a year ago.

Out of 51 items monitored during the week, prices for 14 items (27.45 per cent) increased, 14 items (27.45 per cent) decreased, and 23 items (45.10 per cent) remained stable.

Notable price increases were observed in tomatoes (11.25 per cent), onions (3.62 per cent), pulse mash (2.00 per cent), bananas (1.78 per cent), and potatoes (1.23 per cent). Conversely, significant price decreases were noted in eggs (6.14 per cent), chilli powder (5.73 per cent), LPG (5.40 per cent), garlic (4.02 per cent), and rice IRRI (2.93 per cent).

The SPI change varied slightly across different income groups, showing an increase ranging from 0.08 per cent to 0.15 per cent. The lowest-income group experienced a weekly rise of 0.09 per cent, while the highest-income group saw a rise of 0.08 per cent.

On a yearly basis, the SPI change across various income segments revealed increases ranging from 14.68 per cent to 24.67 per cent. The lowest income group saw a yearly SPI rise of 14.68 per cent, whereas the highest income group recorded an increase of 19.24 per cent.

The average price of Sona urea was reported at Rs4,796 per 50 kg bag, reflecting a 0.16 per cent decrease from the previous week but a 55.19 per cent increase compared to last year.

Meanwhile, the average cement price was Rs1,237 per 50 kg bag, marking a 0.30 per cent increase from the previous week and a 9.80 per cent rise from last year’s prices.

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