Short-term Inflation Decelerates by 0.73%, Year-on-Year Rise to 22.88%
Published on: June 29, 2024.
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The Sensitive Price Indicator (SPI) for the week ending on June 27, 2024, showed a decrease of 0.73% compared to the previous week. However, it increased by 22.88% year-on-year (YoY). The SPI is calculated weekly to monitor the price movement of essential goods in the country.
Data from the Pakistan Bureau of Statistics (PBS) revealed that there was a significant decrease in the prices of certain items. Tomatoes saw a decrease of 25.25%, Chicken prices dropped by 14.20%, Onions decreased by 3.90%, Garlic by 2.80%, Bread by 0.81%, Rice Basmati Broken by 0.15%, Eggs by 0.09%, and Rice IRRI by 0.04%.
On the other hand, there was an increase in the prices of some items. LPG prices went up by 5.38%, Pulse Gram increased by 4.72%, Pulse Moong by 3.20%, Cooked Daal by 1.87%, Pulse Masoor by 1.79%, Potatoes by 0.99%, Gur by 0.87%, Bananas and Wheat Flour each by 0.61%, Pulse Mash by 0.32%, and Firewood by 0.20%.
Out of the 51 items tracked, 18 items saw an increase in prices, 8 items saw a decrease, and 25 items remained stable.
The year-on-year trend showed an overall increase in prices. Some of the notable increases were seen in Gas Charges for Q1 (570.00%), Tomatoes (117.52%), Onions (113.98%), Chilies Powder (54.81%), Garlic (36.61%), Shirting (30.75%), Salt Powder (29.49%), Pulse Gram (28.45%), Gents Sandal (25.01%), Pulse Mash (22.99%), Pulse Moong (22.50%), and Electricity Charges for Q1 (21.46%).
On the other hand, certain items witnessed a decrease in prices compared to the previous year. Wheat Flour prices decreased by 32.49%, Chicken by 31.87%, Cooking Oil 5 Litre by 15.98%, Vegetable Ghee 2.5 Kg by 13.29%, Vegetable Ghee 1 Kg by 12.31%, Bananas by 11.15%, Mustard Oil by 8.07%, Tea Lipton by 2.52%, and Petrol by 1.38%.
Overall, the SPI provides a comprehensive overview of the price movement in essential goods in Pakistan. It helps policymakers and consumers make informed decisions regarding their purchases.
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