Weekly inflation in Pakistan increases by nearly 10%

WEB DESK: In the week concluding on November 16, 2023, the Weekly Sensitive Price Indicator (SPI) for the Combined Group experienced a substantial increase of 9.95 per cent compared to the previous week.

This surge was primarily attributed to the escalation in gas prices during the review period.

Furthermore, the SPI re-entered territory above the 40 per cent mark, registering at 41.9 per cent YoY in contrast to the corresponding period of the previous year.

Data released by the Pakistan Bureau of Statistics (PBS) indicated that the Combined Index stood at 309.09 on November 8, 2023, as opposed to 281.12, while a year ago, on November 17, 2022, the index was recorded at 217.82.

Among the 51 items considered, the average price of 25 items increased, 13 items witnessed a decrease, and 13 items remained stable.

Significant increases were observed in the prices of gas (480 per cent), tea lipton (8.88 per cent), pulse masoor (5.28 per cent), chicken (3.99 per cent), and garlic (3.09 per cent).

Conversely, notable decreases were noted in the prices of electricity charges (16.06 per cent), tomatoes (11.16 per cent), sugar (4.24 per cent), diesel (2.15 per cent), and onions (1.49 per cent).

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Analysing the weekly SPI percentage change across income groups, it was observed that SPI increased across all quantiles, ranging between 6.63 per cent and 12.8 per cent.

The lowest-income group experienced a weekly increase of 6.63 per cent, while the highest-income group recorded an increase of 8.07 per cent.

On a yearly basis, the analysis of SPI change across different income segments indicated an increase ranging between 35.72 per cent and 45.84 per cent.

The yearly SPI for the lowest income group rose by 35.72 per cent, while the highest income group recorded an increase of 39.67 per cent.

The average price of Sona urea was Rs3,930 per 50 kg bag, marking a 1.1 per cent increase from the previous week and a substantial 59.06 per cent increase compared to the prices of the same period last year.

Simultaneously, the average cement price stood at Rs1,195 per 50 kg bag, reflecting a 0.27 per cent increase from the previous week and a notable 14.87 per cent increase from last year’s prices.