Headline Inflation surges to 29%
ISLAMABAD: During the week ending on July 13, 2023, the Weekly Sensitive Price Indicator (SPI) for the Combined Group experienced a 0.33% increase. Compared to the same period last year, the SPI saw a significant rise of 28.96%.
According to data published by the Pakistan Bureau of Statistics (PBS), the Combined Index was measured at 258.63, slightly higher than the previous week’s index of 257.79 (July 06, 2023). In comparison, the index was 200.55 on July 06, 2022.
Prices of many essential items marked further increase in the second week of July, taking inflation to 29% on yearly basis.
Among the 51 monitored items, the average price of 21 items increased, while 11 items decreased and 19 items remained unchanged throughout the week.
Analyzing the weekly SPI percentage change by income groups, it was observed that SPI increased across all quantiles, with changes ranging from 0.21% to 0.51%. The Lowest Income Group experienced the highest increase of 0.51%, whereas the highest income group saw a comparatively smaller increase of 0.21%.
On a yearly basis, the analysis of SPI change across different income segments revealed an increase across all quantiles, ranging from 29.58% to 31.13%. The Lowest Income Group witnessed a 29.58% increase, while the highest income group recorded a 29.64% increase.
The average price of Sona urea was reported as Rs.3272 per 50 kg bag, showing a 4.47% increase compared to the previous week’s price and a significant 40.01% increase compared to the price from last year.
Furthermore, the average Cement price stood at Rs.1145 per 50 kg bag, indicating a slight 0.09% increase from the previous week and a 9.36% increase compared to the prices from last year.
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At around 1 PM local time on June 12, the Boeing 787 Dreamliner, sporting the airline’s unique purple livery, commenced its journey from Boulevard Riyadh City to Al Murabba.
Accompanying the aircraft was a jet from the Royal Saudi Air Force Display team, Saudi Hawks.
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