Islamabad, Feb 7: The Sensitive Price Index (SPI) inflation for the week ending February 6, 2024, experienced a year-on-year increase of 1.02%, as per data from the Pakistan Bureau of Statistics (PBS).
This rise is attributed to notable price surges in essential commodities. The most significant increases were observed in Pulse Moong (31.08%), Pulse Gram (30.36%), Powdered Milk (25.80%), Potatoes (23.42%), Beef (22.35%), and Vegetable Ghee 1 Kg (17.15%).
Additionally, the costs of Garlic (16.30%), Gas Charges for Q1 (15.52%), Vegetable Ghee 2.5 Kg (14.84%), Shirting (14.11%), and Firewood (13.07%) also witnessed considerable hikes.
Conversely, several key commodities saw notable price reductions. The sharpest declines were recorded for Onions (54.79%), Tomatoes (42.99%), Wheat Flour (36.76%), and Chilies Powder (20.00%). Other significant decreases included Electricity Charges for Q1 (18.92%), Eggs (12.09%), Pulse Mash (11.61%), Pulse Masoor (11.25%), Rice Basmati Broken (8.41%), Petrol (5.71%), Diesel (3.87%), and LPG (1.70%).
On a week-on-week basis, SPI inflation saw a marginal decline of 0.21%, primarily driven by decreasing prices of Tomatoes (11.42%), Potatoes (5.99%), Onions (4.38%), Chicken (3.95%), Pulse Gram (1.72%), LPG (1.08%), Pulse Mash (0.82%), Rice IRRI-6/9 (0.54%), and Mustard Oil (0.47%).
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Out of the 51 essential items monitored, prices of 13 items (25.49%) increased, 16 items (31.37%) registered a decline, while 22 items (43.14%) remained stable. The fluctuations in SPI highlight ongoing inflationary pressures, impacting household expenditures across the country. Market trends indicate that while food prices remain volatile, certain staple goods have shown signs of stabilization.
With economic challenges persisting, analysts suggest close monitoring of price trends and effective policy interventions to mitigate inflationary effects on consumers. As fluctuations continue, the focus remains on ensuring price stability for essential commodities to support household budgets.
