Weekly SPI edges lower by 0.09 percent

KARACHI: The Sensitive price indicator (SPI) for the week ended June 20 decreased slightly by 0.09 percent over the previous week, and rose a whopping 11.87 percent as compared to weekly inflation in the corresponding period last year, official data showed on Tuesday.

Pakistan Bureau of Statistics (PBS) data showed that weekly inflation for the combined income group declined to 257.41 points, from 257.63 points last week. SPI for income group of up to Rs8,000 declined 0.08 percent during the week under review as compared to the preceding week, while registering an increase of 9.42 percent, compared to weekly inflation in the corresponding period last year.

Weekly inflation for the group earning Rs8,001 to Rs12,000 decreased by 0.13 percent. The SPI for the people earning between Rs12,001 and Rs18,000 declined 0.13 percent; and for those making Rs18,001 and Rs35,000 it went down 0.11 percent.

The income group earning above Rs35,000 recorded the lowest decrease in inflation at 0.04 percent; however, the weekly SPI increased a whopping 16.03 percent for this quintile compared to the weekly inflation in the corresponding period last year.

PBS computes weekly price trend of 53 essential items from 17 urban centres. Average prices of seven goods decreased during the week ended on June 20 over the previous week. The items which recorded the highest decrease in average prices were onions, down 12.35 percent to Rs49.73/kg, broiler and farm chicken, down 6.73 percent to Rs159.95/kg, tomatoes, down 4.33 percent to Rs41.14/kg, and bananas, down 3.79 percent to Rs111.26/dozen.

Nominal decrease in prices was registered by LPG cylinder, refined sugar, and rice irri-6. Prices of 21 items registered an increase, including cigarettes, unpacked and tinned vegetable ghee, wheat flour, garlic, white lentil, pulse moong, plain bread, average quality gur, beef, eggs, orange lentil, broken basmati rice, tinned cooking oil, gram, fresh milk, and yogurt. Average prices of 25 items remained unchanged.