SPI up 31.83pc YoY; weekly inflation ends flat

KARACHI: Sensitive price indicator (SPI) inflation increased 31.83 percent year-on-year while the week-on-week number remained flat during the seven-day period ended January 19.

Pakistan Bureau of Statistics (PBS) attributed the YoY rise in SPI to the increase in prices of onions (482.07 percent), chicken (101.93 percent), tea Lipton (65.41 percent), eggs (64.23 percent), diesel (57.34 percent), broken basmati rice (56.09 percent), pulse moong (55.63 percent), rice irri-6/9 (50.28 percent), salt powdered (49.50 percent), bananas (47.73 percent) and wheat flour (46.38 percent).

It also noted a decrease in the prices of chili powder (22.98 percent), electricity for Q1 (12.31 percent), tomatoes (9.41 percent) and sugar (0.25 percent).

Wheat flour price that had been surging since November 2022 declined 5.98 percent or by Rs108.44 during the week under review to stand at an average of Rs1,703.81/20kg bag; however, it was still up by Rs593.84 compared to the same week last year.

According to the PBS data, residents of Khuzdar paid the highest amount for a 20kg wheat flour bag at Rs2,806.65; followed by Quetta at Rs2,589.99; Peshawar Rs2,560.7; Karachi Rs2,105.23; Bannu Rs2,087.06; Hyderabad Rs2,078.13; Larkana Rs1,988.86; Gujranwala Rs1,647.61; Multan Rs1,590.68; and Sukkur Rs1,588.1. Compared to the week ended January 13, there was a decline across all cities surveyed by the PBS, except Islamabad, Rawalpindi, Sialkot, Lahore, Faisalabad, Sargodha, and Bahawalpur, where the price remained the same as last week at Rs1,295; and Multan where the price went up by Rs295.68.

Gujranwala and Multan were the only cities in Punjab, where 20kg wheat flour bag was priced higher compared to the rest of the province.

Ruxana, a resident of North Nazimabad, who recently returned from Punjab via train, said she was asked by relatives in Karachi to bring flour bags on her way back as the price difference was significant. “There were other people on the train too who had aata in their luggage,” she disclosed.

The maximum price of wheat flour in Karachi as per PBS data stands at Rs2,200.00/20kg bag; however, in some areas, residents complain they were facing difficulty in accessing wheat flour even at high rates.

Amid the wheat, as well as gas crisis, the price of bread (roti, chapatti and naan has increased too).

Kamran, a worker at a tandoor said that his boss used to pay Rs500,000 for his commercial gas connection from the Sui Southern Gas Company (SSGC), but due to gas load-shedding he now had to source LPG. “This has raised the shop bill to Rs900,000/month,” he lamented.

Price of 11.67kg LPG cylinder increased 2.34 percent WoW and 15.47 percent YoY to stand at Rs2,742.92 up Rs62.78 from Rs2,680.14 last week and up Rs367.43 from last year’s Rs2,375.49.

Due to consistent gas load-shedding, domestic consumers in Karachi, despite piped connection from the SSGC, now have to buy LPG cylinders for regular use.

“This is an additional burden of Rs1,200 to Rs1,600 per week for me,” Tasleem, a resident of Gulberg said. “Initially I bought a gas compressor for Rs2,500, but if there is no gas in the pipeline, even that is of no help,” she said.

The tough measures needed to appease the International Monetary Fund (IMF) for continuing its programme could significantly increase the woes of the masses, who have already been struggling to meet their essential needs amidst stagnant or no wages.

For the groups spending up to Rs17,732; Rs17,733-22,888; Rs22,889-29,517; Rs29,518-44,175; and above Rs44,175; YoY SPI increased 30.49, 31.18, 32.96, 33.99, and 31.87 percent, respectively.

SPI was recorded at 220.54 points against 220.53 points registered last week and 167.29 points recorded during the week ended January 20, 2022.