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Pakistan SPI Indicates Significant Inflation Surge

Web DeskJuly 6, 2024 03:15 AMbusiness
  • SPI in Pakistan rises by 1.28% WoW, 23.59% YoY
  • Prices of essential items fluctuate, with notable increases in Tomatoes and Wheat Flour
  • Weekly SPI changes vary across income groups, lowest group experiencing highest increase
Pakistan SPI Indicates Significant Inflation SurgeImage Credits: pakistantoday
The Weekly Sensitive Price Indicator (SPI) in Pakistan shows a significant rise, with inflation rates surging. Essential item prices fluctuate, impacting different income groups. Policymakers and consumers need to monitor these trends for informed decision-making.

The Weekly Sensitive Price Indicator (SPI) for the Combined Group in Pakistan has shown a significant rise, indicating a surge in inflation rates. According to data released by the Pakistan Bureau of Statistics (PBS) as of July 4, 2024, the SPI increased by 1.28% WoW, with a notable 23.59% YoY increase compared to the same period last year. The Combined Index climbed to 318.61 from 314.57 a week earlier and was up from 257.79 a year ago.

During the week under review, prices of essential items experienced fluctuations, with 29 out of 51 items witnessing price hikes, 5 items seeing a decrease, and 17 items remaining stable. Notable increases were observed in the prices of Tomatoes (70.77%), Wheat Flour (10.57%), Powdered Milk (8.90%), Diesel (3.58%), and Petrol (2.88%). Conversely, prices of Onions (9.05%), Wheat (1.79%), Potatoes (1.04%), Eggs (0.79%), and Bananas (0.60%) also saw an upward trend.

Weekly SPI changes varied across different income groups, ranging from 1.23% to 1.44%. The lowest income group experienced a 1.43% increase, while the highest income group saw a 1.23% rise. On a yearly basis, SPI changes across income brackets ranged from 16.97% to 26.49%. The Lowest Income Group recorded a 16.97% increase, while the highest income group witnessed a rise of 21.39%.

Looking at specific commodity prices, the average price of Sona urea was Rs4,746 per 50 kg bag, marking a slight 0.13% increase from the previous week and a significant 51.52% increase from last year. Meanwhile, the average Cement price stood at Rs1,409 per 50 kg bag, showing a notable 10.48% increase from the previous week and a 23.16% increase from last year’s prices.

The recent data on the Weekly SPI in Pakistan highlights the ongoing challenges related to inflation and price fluctuations. It is essential for policymakers and consumers to closely monitor these trends to make informed decisions. As prices continue to fluctuate, it becomes crucial for individuals to manage their expenses wisely and adapt to changing economic conditions.

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