SPI Inflation Climbs 0.96 Pc w/w After Brief Respite

(CTN News) – During the week ending April 4, 2024, the Sensitive Price Indicator (SPI) inflation increased 0.96 percent, official data revealed on Friday, indicating that the cost of essential commodities has risen and household budgets are being squeezed further.

Despite two consecutive weeks of declines, consumer confidence has increased, illustrating the volatility consumers experience as prices fluctuate.

In the SPI basket of 51 items, 16 items experienced price increases, 13 saw price decreases, and 22 remained unchanged throughout the week, according to the Pakistan Bureau of Statistics (PBS). Furthermore, the report explains how the SPI has changed across different consumption quintiles, reflecting the varied impacts of price changes on different income groups.

There was an increase of 1.02 percent in the highest quintile, while the lowest quintile experienced a decrease of 0.83 percent. Disparities such as these highlight the unequal impact of rising prices on different strata of society. Between 22.04 percent and 33.30 percent, SPI increased across all quantiles on an annual basis.

The SPI for the lowest income group increased by 22.04 percent while the SPI for the highest income group increased by 26.81 percent.

In recent weeks, significant price increases were observed in items such as ladies’ sandals, tomatoes, gents’ sandals, petrol, chicken, long cloth, onion, bread, onion, tomato, petrol, chicken, chicken, long cloth, onion, bread, while beef garlic, mutton, rice prices increased by less than one percent each.

Alternatively, some items’ prices decreased, including bananas by 3.57 percent, wheat flour by 2.68 percent, LPG and eggs each by 1.89 percent, and diesel by 1.88 percent.

A 1.18 percent increase. Over the previous week, gur prices decreased by 0.63 percent, sugar prices decreased by 0.41 percent, mustard oil prices decreased by 0.26 percent, masoor pulse prices decreased by 0.25 percent, and potatoes prices decreased by 0.23 percent.

Based on year-over-year comparisons, there has been a 29.45 percent increase in the SPI, with Gas Charges increasing by 570 percent, onions increasing by 107.6 percent, chilies powder increasing by 86 percent, gents’ sandals increasing by 66.7 percent, and gents sponge chappals increasing by 58 percent.

Moreover, garlic prices increased by 53.5 percent, 36 percent, gur by 34 percent, salt powder by 33 percent, tomatoes, energy savers by 30 percent, and tea prepared by 23 percent.

In contrast, the prices of bananas decreased by 27 percent, cooking oil five litres 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 last year’s same week prices.

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