Rising onion and egg prices push weekly inflation higher

ISLAMABAD: The Sensitive Price Indicator (SPI) for the Combined Group saw a 0.3 per cent rise for the week ending August 8, 2024, according to the latest data from the Pakistan Bureau of Statistics (PBS).

This marks a significant 17.96 per cent increase year-on-year compared to the same week in 2023.

The Combined Index climbed to 322.54, up from 321.56 the previous week, and was notably higher than the 273.43 recorded a year ago. Out of 51 items monitored, 23 (45.10 per cent) saw price increases, 7 (13.72 per cent) experienced price decreases, and 21 (41.18 per cent) remained unchanged.

Key contributors to the weekly increase included onions, which saw a sharp rise of 32.23 per cent, followed by eggs (4.28 per cent), garlic (3.23 per cent), LPG (1.73 per cent), and georgette (1.32 per cent).

Conversely, notable price drops were observed in tomatoes (19.12 per cent), bananas (1.55 per cent), wheat flour (1.39 per cent), chili powder (1.31 per cent), and pulse masoor (0.68 per cent).

SPI changes varied across income groups, with all quantiles showing increases ranging from 0.27 per cent to 0.46 per cent. The lowest income group experienced the largest weekly increase of 0.46 per cent, while the highest income group saw a rise of 0.27 per cent.

On a yearly basis, SPI increases ranged from 11.15 per cent to 20.35 per cent, with the lowest income group seeing an 11.15 per cent increase and the highest income group a 17.2 per cent increase.

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