The Sensitive Price Indicator (SPI) reported a modest weekly increase of 1.11% in short-term inflation for the week ended on March 7, 2024, while on a yearly basis, it remained almost unchanged at 32.39%.
The weekly increase in inflation was attributed to higher prices of petroleum products and food items.
Data released by the Pakistan Bureau of Statistics (PBS) shows that a major increase was observed in the prices of onions by 33.86%, potatoes by 23.81%, tomatoes by 16.42%, and bananas by 7.12%.
Prices of LPG increased by 4.43%, eggs by 2.66%, petrol, and firewood by 1.49% each, beef by 1.38%, mutton by 0.50%, cooked daal by 0.41% and long cloth by 0.27%.
On the other hand, a major decrease was observed in the prices of chicken by 6.95%, tea by 1.29%, cooking oil 5 Litre by 0.96%, bread plain by 0.51%, gur by 0.40%, garlic by 0.39%, pulse masoor by 0.26% and vegetable ghee 1 Kg by 0.23%.
During the week under review, out of 51 items, prices of 14 (27.45%) items increased, 14 (27.45%) items decreased and 23 (45.10%) items remained stable.
The year-on-year trend depicts an increase of 32.39% as gas charges for the first quarter of FY24 surge by 570%, tomatoes by 176.55%, hilies powder by 81.74%, gents sponge chappal by 58.05%, wheat flour by 57.04%, gents sandal by 53.37%, onions by 51.56%, garlic by 45.69%, gur by 44.94%, sugar by 41.69% and potatoes by 39.08%.
While a YoY decrease was observed in the prices of vegetable ghee 1 Kg by 20.15%, cooking oil 5 Litre by 19.53%, bananas by 17.95%, mustard oil by 16.20%, vegetable ghee 2.5 Kg by 16.04%, LPG by 4.20%, chicken by 1.51% and cigarettes by 0.05%.
SPI is computed on a weekly basis to assess the price movement of essential commodities at a shorter interval of time so as to review the price situation in the country.
This index comprises 51 essential items collected from 50 markets in 17 cities of the country.
