Weekly inflation declines, while yearly rate surges to over 41%

WEB DESK: The Weekly Sensitive Price Indicator (SPI) for the Combined Group experienced a slight decrease of 0.06 per cent week over week (WoW) in the week ending November 23, 2023.

In addition, the SPI rebounded, surpassing the 40 per cent mark, and reached 41.13 per cent year over year (YoY) compared to the same period last year.

It’s noteworthy that in the previous week, the SPI for the combined group surged by 9.95 per cent WoW, primarily driven by the increase in gas prices.

According to data released by the Pakistan Bureau of Statistics (PBS), the Combined Index was at 308.90 compared to 309.09 on November 16, 2023. In comparison, the index was recorded at 218.87 a year ago, on November 24, 2022.

Among the 51 items, the average price of 18 items increased, 12 items decreased, and 21 items remained stable.

Notable increases were observed in the prices of garlic (4.61 per cent), onion (2.42 per cent), chicken (1.81 per cent), potatoes (1.69 per cent), and pulse masoor (1.01 per cent).

On the flip side, significant decreases were observed in the prices of tomatoes (5.78 per cent), vegetable ghee 2.5 kg (1.36 per cent), cooking oil 5 litre (1.31 per cent), banana (0.91 per cent), and vegetable ghee 1 KG (0.82 per cent).

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The weekly SPI percentage change by income groups indicated a decrease across all quantiles, ranging between 0.02 per cent and 0.18 per cent.

The lowest income group experienced a weekly decrease of 0.18 per cent, while the highest income group recorded a decrease of 0.02 per cent.

On a yearly basis, the analysis of SPI change across different income segments showed an increase across all quantiles, ranging between 34.87 per cent and 38.98 per cent.

Yearly SPI for the lowest income group increased by 34.87 per cent, while the highest income group recorded an increase of 38.98 per cent.

The average price of Sona urea stood at Rs4,011 per 50 kg bag, reflecting a 2.07 per cent increase from last week’s price and a significant 62.08 per cent higher when compared to last year.

Meanwhile, the average Cement price was recorded at Rs1,228 per 50 kg bag, indicating a 2.70 per cent increase from the previous week and a substantial 17.73 per cent higher than prices last year.