Spi inflation increases by 43% year over year due to rising gas prices
Published on: December 9, 2023.
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The Sensitive Price Indicator (SPI) witnessed a significant surge, reaching 42.68% year-on-year during the week ending on December 7, according to data from the Pakistan Bureau of Statistics. Furthermore, the SPI increased by 1.16% on a week-on-week basis.
The rise in weekly inflation was primarily driven by the soaring prices of gas charges, which rose by a staggering 1108.59% year-on-year. Cigarettes experienced a 94.20% increase, while wheat flour saw an 85.05% surge. Chili powder prices rose by 81.74%, garlic by 73.09%, and broken rice basmati by 68.53%. Rice IRRI 6/9 saw an increase of 60.94%, while gur prices rose by 50.56%. Additionally, tea prices increased by 44.65%, and pulse mash experienced an uptick of 44.04% year-on-year.
In contrast, certain commodities saw a decline in prices. Onions prices showed a decrease of 22.59%, tomatoes saw a 6.97% decline, mustard oil decreased by 4.04%, and vegetable ghee 1kg declined by 3% during the period under review.
On a weekly basis, the prices of onions notably increased by 8.42%. Furthermore, energy saver prices rose by 3.02%, eggs recorded a 2.52% increase, electricity charges rose by 2.03%, and pulse moong increased by 0.88%.
These fluctuating prices indicate the volatility of the market and the impact it has on consumers. It is crucial for individuals to stay informed about such price changes to make informed decisions.
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