Inflation Surges by 30.68% Observed by Weekly SPI.
In Pakistan, inflation remains a pressing issue, with the Weekly Sensitive Price Indicator (SPI) for the Combined Group showing a slight increase of 0.04 per cent WoW for the week ending February 22, 2024.
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According to data from the Pakistan Bureau of Statistics (PBS), the SPI surged by 30.68 per cent YoY compared to the same period last year.
The Combined Index stood at 315.31 on February 22, 2024, compared to 315.18 on February 15, 2024, indicating persistent inflationary pressures. A year ago, on February 23, 2023, the index was at 241.29, highlighting a significant rise in prices.
Analyzing data for 51 items, prices of 23 items increased, 8 decreased, and 20 remained stable. Significant increases were observed in tomatoes (22.71 per cent), bananas (7.40 per cent), diesel (3.02 per cent), chicken (1.22 per cent), and petrol (1.00 per cent). Conversely, onions (14.42 per cent), eggs (11.19 per cent), LPG (1.82 per cent), cooking oil (5 litres) (0.75 per cent), and wheat flour (0.36 per cent) saw notable decreases.
The impact of inflation varied across income groups, with all three quantiles experiencing changes. The lowest income group saw a weekly decline of -0.08 per cent, while the highest recorded a rise of 0.09 per cent. On an annual basis, SPI changes ranged from 25.53 per cent to 35.39 per cent across different income segments.
Adding to concerns, the average price of Sona urea rose to Rs4,928 per 50 kg bag, marking a 9.19 per cent increase from last week and a substantial 69.14 per cent increase from last year.
The continuous rise in essential commodity prices poses significant challenges, necessitating close attention and comprehensive economic strategies.
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