Spike in Gas Prices Drives 43% Year-Over-Year Increase in SPI Inflation
Published on: December 9, 2023.
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SPI Surges by 42.68% YoY, Led by Gas Charges and Rice Prices
The Sensitive Price Indicator (SPI) saw a significant surge of 42.68% year-on-year during the week ending on December 7, according to data released by the Pakistan Bureau of Statistics. Additionally, on a week-on-week basis, the SPI rose by 1.16%.
Inflationary Factors
The increase in weekly inflation was primarily driven by the rising prices of various commodities. Gas charges witnessed a sharp increase of 1,108.59% year-on-year, while cigarettes saw a rise of 94.20%. Wheat flour prices increased by 85.05%, chilies powder by 81.74%, garlic by 73.09%, rice basmati broken by 68.53%, and rice IRRI 6/9 by 60.94%.
Furthermore, gur prices increased by 50.56%, tea by 44.65%, and pulse mash recorded an increase of 44.04% on a year-on-year basis.
Falling Prices
On the other hand, the prices of certain commodities experienced a decline during the reported period. Onions witnessed a decrease of 22.59%, tomatoes 6.97%, mustard oil 4.04%, and vegetable ghee (1kg) 3%.
Weekly Changes
When analyzing the weekly changes, it was observed that onions marked a significant increase of 8.42%. Additionally, energy savers were up by 3.02%, eggs saw an increase of 2.52%, electricity charges rose by 2.03%, and pulse moong showed a slight increase of 0.88%.
These fluctuations in prices demonstrate the complex dynamics of the market and the various factors that influence inflation rates and commodity prices.
