The Weekly Sensitive Price Indicator (SPI) for the Combined Group experienced a significant increase of 9.95% WoW (Week over Week) during the week ended November 16, 2023.
This surge was primarily attributed to the gas price hike that occurred within the review week. The SPI also rose above the 40% mark, reaching 41.9% YoY (Year over Year) compared to the corresponding period from the previous year.
Data released by the Pakistan Bureau of Statistics (PBS) indicated that the Combined Index was at 309.09, compared to 281.12 on November 08, 2023, and 217.82 a year ago on November 17, 2022.
Among the 51 items considered, the average prices of 25 items increased, 13 items decreased, and 13 items remained stable. Significant increases were observed in the prices of Gas (480%), Tea Lipton (8.88%), Pulse Masoor (5.28%), Chicken (3.99%), and Garlic (3.09%). Conversely, notable decreases were noted in the prices of Electricity Charges (16.06%), Tomatoes (11.16%), Sugar (4.24%), Diesel (2.15%), and Onions (1.49%).
The weekly SPI percentage change by income groups revealed that SPI increased across all quantiles, ranging between 6.63% and 12.8%. The Lowest Income Group experienced a weekly increase of 6.63%, while the highest income group recorded an increase of 8.07%. On a yearly basis, the analysis of SPI change across different income segments indicated an increase ranging between 35.72% and 45.84%. The Lowest Income Group’s yearly SPI increased by 35.72%, while the highest income group recorded an increase of 39.67%.
Specifically, the average price of Sona urea was Rs3,930 per 50 kg bag, which is 1.1% higher than the previous week and 59.06% higher than prices last year. The average Cement price was recorded at Rs1,195 per 50 kg bag, reflecting a 0.27% increase from the previous week and a 14.87% increase compared to prices last year.
