ISLAMABAD: Pakistan’s Sensitive Price Indicator (SPI), which tracks the cost of essential items, has recorded a 0.55% increase in inflation for the week ending November 14, 2024. The SPI, which gauges price movements for 51 key items across 50 markets in 17 cities, highlighted significant increases in the prices of food and non-food products.
The biggest price jump was seen in tomatoes, which spiked by nearly 17%, followed by a 5% rise in egg prices. Other notable price increases included garlic (up 4.3%), LPG (up 4.1%), and firewood (up 2.07%). Essential kitchen items like mustard oil, vegetable ghee, and sugar also saw notable price hikes.
Out of the 51 items tracked, 24 items (47.06%) experienced price increases, while 6 items (11.76%) became cheaper. The rest remained stable. Food items such as pulse gram (-2.51%), pulse mash (-0.87%), and bananas (-0.18%) recorded price drops, with wheat flour remaining largely unchanged.
When comparing prices with the same week in 2023, the SPI showed a more significant rise of 4.16%, reflecting the higher cost of living over the past year. The largest year-on-year price increases were seen in pulse gram (up 74.53%), pulse moong (up 38.88%), and powdered milk (up 25.74%). Other major increases were noted in beef (up 23.02%), onions (up 22.78%), and garlic (up 17.41%).
On the flip side, some items saw substantial price reductions over the past year. Wheat flour prices plummeted by nearly 35%, while the cost of chilies powder, tea, and rice also saw double-digit declines.
The SPI’s weekly inflation data shows that price increases are affecting all income groups, but the impact is more pronounced for higher-income households. Consumers in the top 20% income group (Q5) saw a 0.44% increase in weekly prices, while those in the lowest income group (Q1) faced a higher 0.83% week-on-week increase. Year-on-year, the inflation rate was most severe for the wealthiest households, reaching 4.75% in Q5, while those in Q1 experienced a more moderate 2.33% increase.
