SPI up 0.53pc WoW on higher food, fuel prices

KARACHI: Weekly sensitive price indicator (SPI) for the combined income group increased 0.53 percent week-on-week, and went up 13.31 percent year-on-year during the 7-day period ended July 1, 2021, data showed.

Inflation report released by the Pakistan Bureau of Statistics (PBS) said the increase was mainly on account of higher food and fuel prices. The SPI for the week under review in the above mentioned group was recorded at 149.93 points against 149.14 points registered in the previous week.

The SPI for the current week recorded an increase in the prices of tomatoes (33.27 percent), onions (15.40 percent), garlic (4.05 percent), LPG (3.14 percent), petrol (1.78 percent) and diesel (1.21 percent) with joint impact of 0.62 percent.

Price of LPG cylinder climbed by Rs51.24 to Rs1,682.16 during the week under review, from Rs1,630.92 during the previous week, and Rs1,300.92 during the same period in 2020. Similarly, price of petrol increased by Rs1.99, while diesel went up by Rs1.37 per litre. Compared to last year, the price of the petrol and diesel went up by Rs12.72 and Rs12.58, respectively.

Prices of vegetable ghee (loose), vegetable ghee (tin), eggs, mustard oil, potatoes, gur, cooked beef, mutton, milk (powdered), beef and lawn also went up.

All consumption groups witnessed an increase in SPI for the third consecutive week. Last week ended June 24, the price indicator went up 0.82 percent.

Arif Habib Limited said SPI for the week ended July 1, 2021 recorded “lowest YoY increase since March 18, 2021”.

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

During the week, prices of 17 items increased, 9 decreased, while prices of 25 items remained unchanged.

For those spending up to Rs17,732, SPI was up 16.7 percent YoY and 0.67 percent WoW. It went up from 160.25 points in last week to 161.32 points during the week under review.

Meanwhile, the SPI for the consumption groups from Rs17,732-22,888; Rs22,889-29,517; Rs29,518-44,175 and above Rs 44,175 increased by 0.62 percent, 0.56 percent, 0.51 percent and 0.50 percent, respectively.

Items, which recorded decrease in their average prices, included moong pulse, chicken, bananas, mash pulse, wheat flour, masoor pulse, gram pulse and firewood.

The commodities that witnessed no change in prices included broken basmati rice, rice (Irri-6/9), bread, fresh milk, curd, cooking oil, salt, chillies, tea packet, cooked daal, prepared tea, cigarettes, long cloth, shirting, georgette, gents sandal, gents chappal, ladies sandal, electricity charges, gas charges, energy saver, washing soap, match box, telephone call and toilet soap.