Weekly inflation in Pakistan exceeds 41% on YoY basis

WEB DESK: The Weekly Sensitive Price Indicator (SPI) for the Combined Group registered a substantial YoY increase of 41.05 per cent for the week concluding on November 30, 2023.

However, there was a marginal week-on-week (WoW) decline of 0.23 per cent compared to the preceding week.

This marks the third consecutive week where the yearly SPI has maintained levels above the 40 per cent threshold, primarily attributed to a significant surge in gas prices.

Data released by the Pakistan Bureau of Statistics (PBS) indicates that the combined index stood at 308.2, slightly lower than the 308.9 recorded on November 23, 2023. A year ago, on December 1, 2022, the index was notably lower at 218.51.

Among the 51 items monitored, the average price of 13 items increased, 14 items witnessed a decrease, and 24 items remained stable.

Noteworthy increases were observed in the prices of tomatoes (17.64 per cent), potatoes (5.11 per cent), chicken (3.58 per cent), sugar (2.01 per cent), and tea lipton (1.29 per cent).

Read more: Pakistani rupee gains against US dollar

Conversely, significant decreases were noted in the prices of onions (18.25 per cent), bananas (2.84 per cent), garlic (2.35 per cent), pulse gramme (1.09 per cent), and pulse masoor (0.72 per cent).

The weekly SPI percentage change across income groups displayed a uniform decrease, ranging between -0.26 per cent and -0.21 per cent. Both the lowest and highest income groups experienced a weekly decline of -0.23 per cent.

On an annual basis, analysis of SPI change across different income segments revealed an increase ranging between 35.02 per cent and 45 per cent.

The lowest-income group witnessed a YoY increase of 35.02 per cent, while the highest-income group recorded an increase of 38.83 per cent.

The average price of Sona urea was Rs4,164 per 50 kg bag, reflecting a 3.81 per cent increase from last week and a substantial 65.97 per cent surge compared to the previous year.

Simultaneously, the average cement price was Rs1,240 per 50 kg bag, marking a 1 per cent increase from the previous week and a significant 19.10 per cent rise compared to prices last year.