SPI up 15.29pc YoY, 0.82pc WoW as food, power prices rise

KARACHI: Weekly sensitive price indicator (SPI) for the combined income group increased 0.82 percent week-on-week, whereas it jumped 15.29 percent year-on-year during the 7-day period ended June 24, 2021, data showed.

Inflation report released by the Pakistan Bureau of Statistics (PBS) said the increase was mainly on account of higher food, utility and fuel prices, with the worst YoY impact felt by those spending up to Rs17,732. For this quintile, SPI was up 16.95 percent YoY and 0.67 percent WoW.

All consumption groups witnessed an increase in SPI for the second consecutive week. Last week ended June 17, the price indicator went up 0.28 percent.

Inflation for the second quintile went up 0.75 percent WoW from 159.18 points to 160.25 points in the week ended June 24, 2021. For this consumption group, YoY inflation was up 14.11 percent. The group spending Rs22,889-29,517 saw WoW increase of 0.76 percent and YoY spike of 13.72 percent.

SPI increased 0.79 percent WoW and 14.20 percent YoY for the consumption group spending Rs29,518-44,175, whereas the quintile that spent more than Rs44,175 witnessed a rise of 0.91 percent WoW and 15.20 percent YoY.

SPI is computed on weekly basis to assess the price movements of essential commodities at a shorter interval of time so as to review the price situation in the country. It comprises 51 essential items and the prices are collected from 50 markets in 17 cities of the country.

During the week, prices of 21 items increased, 7 decreased, while prices of 23 items remained unchanged.

Data showed electricity prices jumped 61.62 percent in the first quarter. On quarterly basis, the cost of electricity in Q1 2021 stood at Rs5.98/unit, while in the same period of 2020, power cost was Rs3.70/unit.

The YoY trend climbed up 15.29 percent mainly due to the increase in prices of electricity (61.62 percent), chilli powder (57.57 percent), petrol (48.21 percent), diesel (40.04 percent), mustard oil (35.57 percent), gents sandal (33.37 percent), LPG (32.31 percent), eggs (27.90 percent), gents sponge chappal (25.13 percent), vegetable ghee 1kg (24.81 percent), and matchbox (23.44 percent).

A major decrease was observed in the prices of tomatoes (26.03 percent), pulse moong (24.15 percent), garlic (16.79 percent), potatoes (15.81 percent), onions (1.03 percent), salt (0.89 percent) and pulse masoor (0.50 percent). SPI on YoY basis has been increasing continuously. The last time YoY rose in single digit was back during the week ended February 18, 2021, when it had risen 9.92 percent.

However, WoW SPI has been up and down.

Items with a joint impact of 0.76 percent on the WoW increase were tomatoes (14.56 percent), chicken (11.43 percent), LPG (8.64 percent), onions (8.38 percent), potatoes (3.37 percent), garlic (2.52 percent), vegetable ghee 1kg (1.53 percent), cooking oil (1.41 percent) and vegetable ghee 2.5kg (1.24 percent).

On the other hand decrease was observed in the prices of pulse moong (3.79 percent), bananas (2.54 percent), pulse gram (0.71 percent), gur (0.66 percent), pulse mash (0.45 percent), pulse masoor (0.26 percent) and sugar (0.12 percent).