Weekly SPI surges 43% YoY driven by increased gas prices

The Combined Index stood at 311.78, compared to 308.2 on November 30, 2023, and 218.52 on December 08, 2022

Weekly Sensitive Price Indicator (SPI) for the Combined Group on the week ending December 07, 2023 surged to 42.68 percent year-on-year, with a 1.16 percent week-on-week rise.

This sustained elevation in the yearly SPI for the fourth consecutive week is attributed to a significant surge in gas prices.

According to data released by the Pakistan Bureau of Statistics (PBS), the Combined Index stood at 311.78, compared to 308.2 on November 30, 2023, and 218.52 on December 08, 2022.

Out of 51 items monitored, 15 experienced an average price increase, 14 saw a decrease, and 22 remained stable. Notable increases during the week were observed in Onions (8.42pc), Energy saver (3.02pc), Eggs (2.52pc), Electricity Charges for Q1 (2.03pc), and Pulse Moong (0.88pc). Conversely, notable decreases were noted in Tomatoes (9.82pc), Potatoes (4.34pc), Chicken (2.99pc), Tea Lipton (2.58pc), and Diesel (2.31pc).

Weekly SPI percentage changes by income groups indicated a decrease across all two quantiles, while an increase was observed across three quantiles. The Lowest Income Group experienced a weekly decline of -0.17 percent, whereas the highest income group recorded an increase of 1.65 percent.

On a yearly basis, SPI changes across different income segments ranged between 34.79 percent and 46.37 percent, reflecting an overall increase. The Lowest Income Group saw a 34.79 percent rise, while the highest income group recorded a 41.1 increase.

Key commodity prices also exhibited fluctuations, with the average price of Sona urea at Rs4,267 per 50 kg bag, marking a 2.48 percent increase from the previous week and a substantial 67.72 percent increase compared to last year. 

Simultaneously, the average Cement price was recorded at Rs1,244 per 50 kg bag, reflecting a 0.35 percent weekly increase and a 19.88 percent year-on-year rise.

2 COMMENTS

  1. The Weekly Services Purchasing Index (SPI) experienced a significant 43% year-over-year surge, primarily propelled by escalating gas prices. This surge reflects the impact of the energy market dynamics on the overall service sector, highlighting the vulnerability of businesses to fluctuations in fuel costs. The spike in gas prices has evidently contributed to an inflationary trend, posing challenges for industries dependent on transportation and energy resources.

  2. The Weekly SPI (Sensitive Price Index) has experienced a significant year-on-year surge of 43%, primarily propelled by escalating gas prices. This surge reflects the impact of rising energy costs on overall consumer prices. The YoY increase highlights the challenges faced by consumers as they contend with higher expenses associated with essential commodities, particularly those linked to the surging costs of gas.

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