Weekly inflation rises following surge in chicken and milk prices

ISLAMABAD: The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.11 per cent week-on-week during the week ending July 11, 2024, and rose by 23.33 per cent year-on-year compared to the same period last year.

According to data released by the Pakistan Bureau of Statistics (PBS), the Combined Index stood at 318.96, up from 318.61 a week earlier, and significantly higher than the 258.63 recorded a year ago.

Out of the 51 items monitored, prices of 23 items (45.10 per cent) increased, 6 items (11.76 per cent) decreased, and 22 items (43.14 per cent) remained stable during the week.

Notable weekly price increases were observed in Chicken (16.34 per cent), Powdered Milk (6.07 per cent), Pulse Gram (3.47 per cent), Lawn Cloth (2.43 per cent), and Long Cloth (1.58 per cent).

Conversely, significant price decreases were recorded for Tomatoes (19.47 per cent), Bananas (2.30 per cent), Wheat Flour (1.85 per cent), Onions (1.55 per cent), and Potatoes (0.86 per cent).

The SPI percentage change by income groups showed a mixed trend. The lowest income group experienced a weekly decline of 0.17 per cent, while the highest income group saw an increase of 0.19 per cent.

Overall, SPI increased across three income quantiles and decreased across two.

Yearly analysis revealed that the SPI increased across all income segments, with changes ranging between 16.17 per cent and 25.93 per cent. The lowest income group saw a 16.17 per cent increase, while the highest income group experienced a 21.37 per cent rise.

The average price of Sona urea was Rs4,757 per 50 kg bag, which is 0.24 per cent higher than the previous week and 45.41 per cent higher compared to last year.

Similarly, the average cement price rose to Rs1,433 per 50 kg bag, up by 1.68 per cent from the previous week and 25.10 per cent higher than last year’s prices. Last week, cement prices had surged by 10.4 per cent compared to the week before.

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