Weekly SPI shows 1.11% increase

WEB DESK: The Weekly Sensitive Price Indicator (SPI) for the Combined Group experienced a modest 1.11 per cent increase week-on-week (WoW) during the period ending March 7, 2024.

This marks a notable 32.39 per cent year-on-year (YoY) rise in comparison to the corresponding week last year.

According to data furnished by the Pakistan Bureau of Statistics (PBS), the combined index stood at 322.86, a slight uptick from 319.30 on February 29, 2024. A year ago, on March 9, 2023, the index was recorded at 243.87.

Among the 51 tracked items, the average prices of 14 items rose, 14 items decreased, and 23 items remained stable throughout the week.

Significant increases were observed in the prices of onions (33.86 per cent), potatoes (23.81 per cent), tomatoes (16.42 per cent), bananas (7.12 per cent), and LPG (4.43 per cent).

Due to the surging prices of onions and bananas, the government, on March 6, took the decision to impose a ban on their exports until the conclusion of Ramadan.

Conversely, notable decreases were recorded in the prices of chicken (6.95 per cent), tea (1.29 per cent), cooking oil (5 litres) (0.96 per cent), bread plain (0.51 per cent), and gur (0.40 per cent).

Analysing the weekly SPI percentage change across income groups revealed an increase across all quantiles, ranging between 0.99 per cent and 1.69 per cent.

The lowest-income group witnessed the most substantial rise at 1.69 per cent, while the highest-income group saw a 0.99 per cent increase.

On a yearly basis, the SPI change across different income segments showed increases ranging from 27.43 per cent to 37.80 per cent.

The lowest-income group experienced a 27.43 per cent rise, while the highest-income group recorded an increase of 28.7 per cent.

Noteworthy prices include Sona urea at Rs4,948 per 50 kg bag, marking a 0.11 per cent increase from last week and a significant 70.30 per cent surge from last year.

Meanwhile, the average cement price was Rs1,232 per 50 kg bag, showing a 0.19 per cent decrease from the previous week but remaining 9.84 per cent higher than prices last year.

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