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HomeBusinessSPI shows weekly decline in prices, but concerns yearly increase

SPI shows weekly decline in prices, but concerns yearly increase

According to the latest report from the Pakistan Bureau of Statistics (PBS), the Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 1.39% compared to the previous week, ending May 09, 2024.

However, it has risen by 22.32% compared to the same period last year. The Combined Index, which tracks price changes for essential items, decreased to 312.56 from 316.95 the previous week, but it was significantly higher than the index of 255.53 a year ago. Among the 51 items monitored by the SPI, 12 saw price increases, 13 witnessed decreases, and 26 remained stable.

Key decreases during the week were observed in onions (-19.22%), chicken (-18.83%), wheat flour (-4.00%), LPG (-3.67%), and wheat (-3.49%). On the other hand, notable increases were recorded in tomatoes (19.24%), eggs (4.73%), potatoes (4.38%), pulse gram (0.91%), and cooking oil (5-litre packs) (0.89%).

Read more: Pakistan’s debt climbs to Rs4.78 trillion

Weekly percentage changes in the SPI by income groups showed declines ranging from -0.99% to -1.53% across all income brackets. Over the year, however, the SPI increased across all income groups, with changes ranging from 15.95% to 25.88%.

In other market trends, the average price for a 50 kg bag of Sona urea decreased by 1.80% compared to the previous week but was 57.36% higher than a year earlier. Similarly, the average price for a 50 kg bag of cement decreased slightly by 0.95% from the previous week but remained 7.58% higher than the corresponding period last year.

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