Islamabad, Jan 10:The Sensitive Price Index (SPI) for the week ending January 8, 2024, revealed a year-on-year inflation increase of 1.9%, as reported by the Pakistan Bureau of Statistics (PBS). This marks the lowest annual increase in six years, according to insights from Topline Securities.
The rise in SPI inflation reflects surging costs of essential commodities. Notable year-on-year increases include Potatoes (up 58.76%), Pulse Gram (42.11%), Pulse Moong (34.15%), Powdered Milk (25.76%), and Beef (23.75%). Other significant contributors were Garlic (18.43%), Gas Charges for Q1 (15.52%), and Vegetable Ghee 1Kg (15.48%). Items like Cooked Daal, Shirting, and Firewood also saw price hikes of 15.10%, 14.36%, and 12.89%, respectively.
Conversely, several key commodities experienced price drops. Onion prices fell by 36.25%, Wheat Flour by 36.17%, and Eggs by 24.07%. Other declines included Chilies Powder (20%), Electricity Charges for Q1 (18.11%), Pulse Masoor (11.18%), and Rice Basmati Broken (9.14%). Diesel and Petrol prices decreased by 6.39% and 5.45%, respectively.
On a weekly basis, SPI inflation showed a slight decline of 0.65%, primarily driven by falling prices of Tomatoes (31.40%), Potatoes (10.36%), and Eggs (5.96%). Smaller decreases were noted in Pulse Gram (1.64%), Onions (0.87%), and LPG (0.14%). However, price increases were observed in 18 out of 51 monitored items (35.29%), while 10 items (19.61%) saw reductions, and 23 items (45.10%) remained unchanged.
This mixed trend reflects the ongoing volatility in Pakistan’s consumer markets, influenced by seasonal demand shifts and supply chain factors.
