Friday June 21, 2024

SPI inflation rebounds after brief respite, up 0.96pc w/w

Uptick follows two consecutive weeks of decline, underscoring volatility consumers face with fluctuating prices

By Israr Khan
April 06, 2024
A person counts Rs100 notes in this undated image. — AFP/File
A person counts Rs100 notes in this undated image. — AFP/File

ISLAMABAD: The Sensitive Price Indicator (SPI) inflation rose 0.96 percent in the week ending April 4, 2024, official data showed on Friday, signaling a rise in the cost of essential commodities and intensifying pressure on household budgets.

The uptick follows two consecutive weeks of decline, underscoring the volatility consumers face with fluctuating prices. The SPI increased 29.45 percent year-on-year Of the SPI basket of 51 items, 16 witnessed price increases, 13 experienced decreases, and 22 remained stable throughout the week, the Pakistan Bureau of Statistics (PBS) reported. The report also details the SPI changes across different consumption quintiles, reflecting the varied impact of price changes on income groups. The highest quintile experienced a 1.02 percent week-on-week increase, while the lowest saw a 0.83 percent change. These disparities highlight the unequal impact of rising prices on different strata of society. On a yearly basis, SPI increased across all quantiles ranging between 22.04 percent and 33.30 percent. Yearly SPI for the Lowest Income Group increased by 22.04 percent while the highest income group recorded an increase of 26.81 percent.

Significant price hikes were noted week-on-week in items such as ladies’ sandals that increased by 12.5 percent, tomatoes by 11.9 percent, gents' sandals by 8.7 percent, petrol by 3.45 percent, chicken by 2.99 percent, long cloth by 2.23 percent, onion by 1.3 percent, bread 1.03 percent, while beef garlic, mutton, rice price increased but less than a percent each. Conversely, some items’ prices decreased including bananas by 3.57 percent, wheat flour by 2.68 percent, LPG and eggs by 1.89 percent each, and diesel by

1.18 percent. Besides, gur price declined by 0.63 percent, sugar by 0.41 percent, mustard oil by 0.26 percent, masoor pulse by 0.25 percent, and potatoes price reduced by 0.23 percent over the previous week’s prices.

A year-on-year comparison reveals a 29.45 percent overall increase in the SPI, with Gas Charges for Q1 soaring by 570 percent and onions by 107.6 percent, chilies powder by 86 percent, gents’ sandal by 66.7 percent and gents sponge chappal by 58 percent. Besides, garlic was expensive by 53.5 percent, tomatoes by 36 percent, gur by 34 percent, salt powder by 33 percent, energy saver 30 percent, mash pulse by 27 percent, and tea prepared by 23 percent. Whereas, the decrease is observed in the prices of Bananas by 27 percent, cooking oil 5-ltr by 21 percent, vegetable ghee 1-Kg by 18 percent, vegetable ghee 2.5 Kg by 17 percent, mustard oil by 14 percent, wheat flour by 5.86 percent, and diesel by 3.6 percent compared to same week prices of last year.