Short-term Inflation Soars by 1.30% Week over Week, Marking a 23% Year-on-Year Increase
Published on: June 15, 2024.
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According to data released by the Pakistan Bureau of Statistics (PBS), short-term inflation in the country has increased. The Sensitive Price Indicator (SPI) for the week ending June 13, 2024, rose by 1.30% week-over-week (WoW) and by 23.03% year-on-year (YoY). This increase indicates a rise in prices of essential commodities in the market.
Major increases were observed in the prices of various items. Tomatoes saw a significant increase of 27.14%, followed by Chicken at 11.75%. The price of Electricity for Q1 also went up by 8.73%. Other items that experienced price hikes include Pulse Gram (7.19%), LPG (6.14%), Eggs (3.70%), Bananas (3.22%), Beef (1.52%), Pulse Moong (1.07%), Mutton (0.60%), Cigarettes (0.47%), and Energy Saver (0.36%).
On the other hand, some items saw a decrease in prices. Onions witnessed a decrease of 5.00%, followed by Chilies Powder (1.95%), Rice Basmati Broken (1.65%), Garlic (1.32%), Rice IRRI (1.08%), Bread (0.52%), Wheat Flour (0.05%), and Sugar (0.02%).
Out of the 51 items considered, 19 items (37.26%) experienced price increases, 08 items (15.68%) saw a decrease, and 24 items (47.06%) remained stable during the week under review.
The year-on-year increase in SPI stood at 23.03%. This increase can be attributed to the rise in prices of Gas for Q1 (570.00%), Onions (105.91%), Tomatoes (72.60%), Chilies Powder (54.81%), Garlic (39.90%), Salt Powder (30.56%), Shirting (30.52%), Gents Sandal (25.01%), Pulse Mash (23.85%), Beef (23.21%), Electricity Charges for Q1, and Pulse Gram (21.46%) each.
However, some items saw a major decrease in prices on a year-on-year basis. Wheat Flour witnessed a decrease of 29.65%, followed by Chicken (19.77%), Bananas (19.26%), Cooking Oil 5 Litre (16.69%), Vegetable Ghee 2.5 Kg (14.81%), Vegetable Ghee 1 Kg (13.01%), Mustard Oil (8.77%), and Tea Lipton (2.52%).
The SPI is calculated on a weekly basis to monitor the price movement of essential commodities. It helps in assessing the price situation in the country at shorter intervals of time. The SPI comprises 51 essential items collected from 50 markets in 17 cities across the country.
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