Weekly SPI inflation jumps 1.35pc as gas prices soar

KARACHI: The sensitive price indicator (SPI) for the week ended July 11 went up 1.35 percent from 0.83 last week on account of 69.76 percent increase in gas charges, official data showed on Friday.

SPI increased a whopping 15.01 percent compared to weekly inflation in the corresponding period last year. Pakistan Bureau of Statistics (PBS) data showed that weekly inflation for the combined income group continued with its upward trend, recording at 263.13 points against 259.63 points recorded in the week ended on July 4.

SPI for the income group earning up to Rs8,000 increased 1.51 percent during the week under review, as compared to the preceding week, while registering 12.45 percent rise compared to weekly inflation in the corresponding period last year.

Weekly inflation for the group earning Rs8,001 to Rs12,000 increased 2.83 percent from last week’s 0.90 percent. This quintile’s SPI rose 13.74 compared to the same period last year.

The highest increase in inflation was recorded for the quintile earning between Rs12,001 and Rs18,000 which went up 2.97 percent from 0.89 percent last week; and 13.70 percent from last year.

Minimum increase in SPI inflation of 0.72 percent was recorded for the people earning between Rs18,001 and Rs35,000; however the percentage increase over last year for this quintile was the second highest at 15.09 percent.

PBS recorded a decrease of 0.14 percent in SPI for the income group earning above Rs35,000 per month, though the increase from last year was the highest for this group at 17.51 percent.

PBS computes weekly price trend of 53 essential items from 17 urban centres. Average prices of 31 goods increased during the week ended on July 11 over the previous week.

According to the PBS data, gas charges (up to 3.3719MMBTU) went up 69.76 percent to Rs246.29/MMBTU in the week under review from Rs145.08 in the previous week ended July 4.

Other items which recorded increase in average prices were potatoes, garlic, beef and mutton, fresh and powdered milk, yogurt, washing soap, cloth (georgette, shirt, long, Gul Ahmed/Al Karam), basmati and irri-6 rice, white and red lentils, gram, cooking and vegetable oil and ghee, mustard oil, wheat and wheat flour, soap, electric bulb, and sugar. The price of only seven items decreased in the week under review.