Weekly inflation increases 1.27%

WEB DESK: In a recent release by the Pakistan Bureau of Statistics (PBS), the Weekly Sensitive Price Indicator (SPI) for the Combined Group exhibited a notable uptick, rising by 1.27 per cent week on week (WoW) for the period ending February 29, 2024.

The year-on-year (YoY) comparison revealed a substantial 32.73 per cent increase when juxtaposed with the corresponding period from the previous year.

As per the latest data, the combined index stood at 319.30, a marginal climb from the 315.18 recorded on February 23, 2024.

This marks a more substantial increase from the index of 240.57 documented a year ago, precisely on March 2, 2023.

The detailed breakdown of the SPI components indicates that out of the 51 items considered, the average prices of 14 items saw an upward trend, 12 items experienced a decrease, and 25 items maintained stability.

During the observed week, significant surges were evident in the prices of gas charges for Q1 (15.52 per cent), bananas (5.25 per cent), onions (2.87 per cent), eggs (1.32 per cent), and tea prepared (0.84 per cent).

Notably, this coincides with the recent government decision to increase gas prices in alignment with the International Monetary Fund’s (IMF) stipulations.

Conversely, a notable decrease was witnessed in the prices of tomatoes (11.48 per cent), pulse mash (0.97 per cent), LPG (0.85 per cent), wheat (0.56 per cent), and cooking oil (5 litres) (0.44 per cent).

An analysis of the weekly SPI percentage change across income groups demonstrated a universal increase ranging between 0.66 per cent and 1.86 per cent.

Specifically, the lowest income group experienced a 1.36 per cent rise, while the highest income group recorded a 0.66 per cent increase.

On a yearly basis, the SPI change across different income segments indicated a consistent increase, varying between 27.35 per cent and 38.07 per cent.

The lowest income group observed a 27.35 per cent YoY rise, whereas the highest income group registered a 29.61 per cent increase.

In the commodities sector, the average price of Sona urea reached Rs4,943 per 50 kg bag, reflecting a 0.29 per cent increase from the previous week and a substantial 70.47 per cent surge compared to the same period last year.

Meanwhile, the average cement price was Rs1,234 per 50 kg bag, showing a 0.30 per cent decrease from the prior week but a 10.76 per cent rise from last year’s prices.

Read next: Pakistani rupee ends week at Rs279.9