In the week ending October 19, 2023, the Weekly Sensitive Price Indicator (SPI) for the Combined Group witnessed a significant 1.7% decrease compared to the previous week. However, in a year-on-year (YoY) comparison to the same period last year, the SPI showed a substantial increase of 35.45%.
It's worth noting that this drop marked the most significant week-on-week decline since September 22, 2022.
On October 15, the government made a noteworthy announcement, slashing petrol and diesel prices by Rs40 and Rs15 per liter. This decision was influenced by the appreciating value of the Pakistani rupee (PKR) against the US dollar and falling international oil prices. As a result, the new prices for petrol and diesel were set at Rs283.38 and Rs303.18 per liter.
Data provided by the Pakistan Bureau of Statistics (PBS) indicates that the Combined Index for the week stood at 278.04, compared to 282.86 on October 12, 2023. In comparison to October 20, 2022, when the index was recorded at 205.27, this marks a substantial YoY increase.
Of the 51 items in the index, prices for 14 items increased, 24 items decreased, and 13 items remained stable.
Analyzing the percentage change in the weekly SPI across different income groups revealed a decline across all quantiles, with decreases ranging from 0.88% to 2.02%. The Lowest Income Group experienced a 0.88% decrease, while the highest income group recorded a more significant decrease of 2.02%.
When examining the YoY SPI change across various income segments, it was observed that SPI had increased across all quantiles. These increases ranged from 31.19% to 37.79%, highlighting the impact of rising prices across the board. The Lowest Income Group experienced a 34.96% increase in YoY SPI, while the highest income group recorded a 31.19% increase.
In specific product categories, the average price of Sona urea for a 50 kg bag was Rs3,784, representing a 0.42% decrease compared to the previous week's price. However, it marked a significant 55.08% increase when compared to prices from the same period last year. Meanwhile, the average Cement price for a 50 kg bag was Rs1,199, which showed a 0.17% decrease compared to the previous week's price and a notable 16.71% increase in comparison to last year's prices.
