SPI Reports 0.94% Weekly Inflation Increase

The latest report on the Sensitive Price Indicator (SPI) reveals a 0.94 percent rise in weekly inflation for all consumption groups in the week ending June 20. The SPI, which is currently at 316.88 points, saw a notable increase from the previous week's 313.93 points. Compared to the same period last year, there has been a significant 23.78 percent surge in the SPI for all consumption groups. The SPI, calculated based on a 2015-16 =100 index, covers 17 urban centers and tracks 51 essential items across various expenditure categories.

Breaking down the data, the SPI for the lowest income group, up to Rs 17,732, increased by 1.58 percent to reach 309.10 points. Prices also went up for higher income brackets: Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175, and above Rs 44,175, by 1.44 percent, 1.20 percent, 1.11 percent, and 0.69 percent, respectively. Out of the 51 monitored items, prices of 25 items rose, 5 decreased, and 21 remained stable during the week.

Notable changes in prices included decreases in petrol, diesel, rice basmati broken, pulse masoor, and chicken, while increases were seen in tomatoes, potatoes, onions, bananas, LPG, cigarettes, pulse moong, garlic, milk, eggs, georgette, and shirting. On a yearly basis, certain items like wheat flour, chicken, cooking oil, vegetable ghee, bananas, mustard oil, tea, and petrol experienced price drops, whereas gas charges, tomatoes, onions, chilies powder, garlic, shirting, salt powder, gents sandals, various pulses, beef, and electricity charges witnessed price hikes.

The latest SPI data provides valuable insights into the changing prices of essential items, highlighting both weekly fluctuations and year-on-year trends. Understanding these shifts can help consumers make informed decisions about their purchases and budgeting strategies.