SPI-based weekly inflation records minor decline of 0.79pc despite hike in oil prices

Prices of 22 (43.14pc) items increased, 11 (21.57pc) decreased and 18 (35.29pc) items rates remained unchanged

ISLAMABAD  -  Despite massive increase in oil prices, the weekly inflation measured by the Sensitive Price Indicator (SPI) has recorded minor decline of 0.79 percent during the week ended on April 18.

According to the latest data of Pakistan Bureau of Statistics (PBS), the SPI-based inflation was recorded at 323.71 points during the week ended on April 18 as against to 326.29 points during the past week. Inflation has shown decline despite the fact that government had increased the oil prices twice since start of the current month of April. The federal government on Monday jacked up the prices of petrol and high speed diesel by Rs4.53 per litre and Rs 8.14 per litre, respectively for the second fortnightly of April 2024. Earlier, the government had also increased the price of petrol by Rs 9.66 per litre for the first fortnightly of April 2024, however the price of high speed diesel was slashed by Rs 3.32 per litre.

The SPI for the lowest consumption group (earning up to Rs. 17,732 per month) has recorded decline of 0.71 percent, as it went down to 313.72 points from last week’s 315.95 points. The SPI for consumption groups from Rs. 17,732-22,888, Rs. 22,889-29,517; Rs. 29,518-44,175 and above Rs. 44,175, decreased by 0.83 percent, 0.90 percent, 0.79 and 0.70 percent respectively.

According to the data, during the week ended on Thursday, out of 51 items, prices of 22 (43.14 percent) items have increased, 11 (21.57 percent) items have decreased and 18 (35.29 percent) items remained unchanged.

The items, which recorded a decrease in their average prices on a week-on-week basis, included wheat flour (8.97 percent), bananas (8.67 percent), electricity charges (7.16 percent), eggs (6.67 percent), LPG (2.84 percent) onion (1.40 percent), chilies powder (1.31 percent), cooking oil 5 litre (0.45 percent), pulse masoor (0.43 percent) and vegetable ghee 2.5 kg (0.34 percent).

The commodities which recorded an increase in their average prices on week-on-week basis included potatoes (17.07 percent), tomatoes (12.67 percent), chicken (11.60 percent), lawn printed and shirting (3.55 percent) each, garlic (2.88 percent), diesel (2.87 percent), beef (2.56 percent), georgette (1.91 percent), pulse mash (1.62 percent), cooked beef (1.31 percent) and sugar (1.10 percent).

The commodities which recorded an increase in their average prices on year-on-year basis included gas charges for Q1 ( 570 percent), onions (155 percent), tomatoes (126.94 percent), chilies powder (83.62 percent), gents sandal (66.71 percent), garlic (65.96 percent), gents sponge chappal (58.05 percent), salt powder (31.87 percent), chicken (30.91 percent), energy saver (29.83 percent), gur (27.99 percent) and pulse mash (26.39 percent).

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