SPI shows 0.34% increase in weekly inflation

The Pakistan Bureau of Statistics (PBS) released its weekly Sensitive Price Indicator (SPI) report on Friday, showing a 0.34% increase in the prices of essential commodities for the week ending on January 18, 2024. 

The year-on-year inflation rate was 44.64%, indicating a sharp rise in the cost of living compared to the same period last year.

The SPI is computed on a weekly basis to assess the price movement of 51 essential items collected from 50 markets in 17 cities of the country. 

According to the report, the major items that contributed to the increase in inflation were onions (8.69%), tomatoes (7.51%), energy savers (2.72%), chicken (2.26%), garlic (2.18%), bananas (2.14%), eggs (1.89%), matchboxes (1.67%), pulse mash (1.59%) and pulse moong (1.46%). The prices of these items increased by 2.00%, 183.16%, 2.72%, 2.26%, 60.45%, 2.14%, 47.54%, 1.67%, 1.59% and 1.46%, respectively, on a year-on-year basis.

On the other hand, the items that showed a weekly decrease in prices were potatoes (-3.85%), petrol (-2.99%), sugar (-0.90%), tea (-0.20%), vegetable ghee (-0.14%), cooking oil (-0.08%), wheat flour (-0.07%) and gur (-0.04%). 

The price of potatoes decreased by 3.85%, Petrol by 2.99%, sugar by 57.26%, tea by 0.20%, vegetable ghee by 1.17%, cooking oil by 0.08%, wheat flour by 65.03% and gur by 49.45%, respectively, on a year-on-year basis.

The report also revealed that the highest inflation rate was observed in the third quintile (Rs 22,889 – 29,517 rupees monthly income), followed by the fourth quintile (Rs 29,518 – 44,175 monthly income).

The PBS also provided monthly, quarterly, and half-yearly SPI data for the lowest consumption quintile, showing the trends and changes in prices over time.