The weekly inflation measured by the Sensitive Price Indicator (SPI) recorded a decrease of 1 per cent for the combined consumption groups during the week ended on May 02, according to data released by the Pakistan Bureau of Statistics (PBS).
This marks a significant shift as inflation pressures ease for the first time in weeks. The SPI for the current week stands at 316.95 points, down from the previous week’s 320.14 points.
However, compared to the corresponding week of the previous year, the SPI is up by 24.37 per cent, reflecting the ongoing inflationary trend across various sectors.
The SPI, calculated with a base year of 2015-16, encompasses 17 urban centers and 51 essential items across all expenditure groups. The index serves as a critical barometer of inflationary trends in Pakistan.
For the lowest consumption group, earning up to Rs17,732, the SPI decreased by 1.09 per cent, settling at 306.26 points, down from last week’s 309.64 points.
Similarly, the SPI for consumption groups in the ranges Rs17,732-22,888, Rs22,889-29,517, Rs29,518-44,175, and above Rs44,175 saw decreases of 1.12 per cent, 1.02 per cent, 1.04 per cent, and 0.95 per cent, respectively.
This broad-based decline indicates a general easing of inflationary pressures across different income groups.
Price variations across essential items
Out of the 51 items evaluated by the SPI, the prices of 18 items decreased, 15 increased, and 18 remained stable during the week.
Items showing decreased prices
Key items that recorded a notable decrease in their average prices on a week-on-week basis include:
– Tomatoes: 22.05 per cent decrease
– Chicken: 8.03 per cent decrease
– Onions: 7.71 per cent decrease
– Wheat flour: 6.88 per cent decrease
– Bananas: 5.25 per cent decrease
– Diesel: 2.89 per cent decrease
Items with increased prices
In contrast, some items saw a rise in their prices. These include:
– Potatoes: 6.06 per cent increase
– Salt powder: 0.91 per cent increase
– Garlic: 0.85 per cent increase
– Powdered milk: 0.70 per cent increase
Year-on-year trends
While the week-on-week numbers showed a decline, the year-on-year comparison paints a more complex picture.
Certain commodities experienced significant increases over the past year. Notable among them are:
– Gas charges for Q1: 570 per cent increase
– Onions: 145.15 per cent increase
– Tomatoes: 79.43 per cent increase
– Garlic: 72.46 per cent increase
– Chilies powder: 71.96 per cent increase
However, some items witnessed a decrease in average prices over the year, including:
– Bananas: 37.76 per cent decrease
– Wheat flour: 23.15 per cent decrease
– Cooking oil (5 litre): 20.45 per cent decrease
These figures suggest a dynamic landscape of price fluctuations, with some areas showing improvement while others continue to face inflationary pressures.
The decrease in SPI for the current week offers a brief respite from the upward inflation trend, but with significant year-on-year increases in many commodities, vigilance remains crucial.
