Weekly Inflation Witnesses a 0.73% Surge
Published on: November 10, 2023.
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Weekly Sensitive Price Indicator (SPI) Shows Positive Trend in Pakistan
The latest data from the Pakistan Bureau of Statistics (PBS) reveals a positive trend in the Weekly Sensitive Price Indicator (SPI) for the Combined Group in Pakistan. For the week ending November 8, 2023, the SPI recorded a 0.73% week-on-week increase. This significant surge of 29.86% compared to the corresponding period last year indicates a favorable market outlook.
The combined index, which measures price changes for a basket of goods, stood at 281.12 on November 2, 2023, as compared to 279.08. This upward trajectory reflects a positive shift in the market. In contrast, a year ago on November 10, 2022, the index was recorded at 216.48, highlighting substantial growth.
Analyzing the changes in prices across 51 items tracked, it is evident that 20 items experienced an increase in average price, 8 items witnessed a decrease, while 23 items remained stable. Notable increases were observed in the prices of tomatoes (15.43%), potatoes (4.47%), wheat flour (2.36%), garlic (2.16%), and salt powder (1.82%).
Conversely, certain items experienced significant decreases in prices. The prices of Gur (2.43%), vegetable ghee 1 kg (0.36%), rice Irri 6/9 (0.34%), vegetable ghee 2.5 KG (0.25%), and rice basmati broken (0.13%) all saw a decline.
When examining the weekly SPI percentage change across income groups, it is evident that all quantiles experienced an increase, ranging from 0.59% to 1.05%. The lowest-income group saw the highest increase of 1.05%, while the highest-income group recorded a 0.59% increase.
On a yearly basis, the analysis of SPI changes across different income segments demonstrated an increase ranging from 28.51% to 30.23%. The lowest income group experienced a 28.51% increase, while the highest income group recorded an increase of 29.88%.
In conclusion, the Weekly Sensitive Price Indicator (SPI) showcases a positive trend in Pakistan’s market, with an overall increase in prices compared to the previous week and the corresponding period last year. This data provides valuable insights for consumers and businesses alike, enabling them to make informed decisions in a dynamic market.
