Pakistan's Weekly Sensitive Price Indicator (SPI) for the Combined Group marked another weekly increase, rising by 0.71% for the week ending November 02, 2023.

The year-on-year (YoY) comparison revealed a substantial spike, with a 29.88% increase in SPI when compared to the corresponding period last year.

Prices surge in key food items

Out of 51 essential items, the average price of 12 items saw an increase, while 14 items experienced a decline, and 25 items remained stable. Among the noteworthy increases were the prices of tomatoes (25.58%), onions (25.25%), chicken (10.79%), and potatoes (1.61%).

Basic food staples like eggs (1.30%) and rice (0.19%) also saw price increases. These soaring prices have led to growing concerns among consumers.

In contrast, certain items witnessed significant price drops, including gur (2.66%), bananas (1.78%), cooking oil (1.62%), and vegetable ghee (1.23%). The decrease in prices of these key food items could provide some relief to consumers.

Inflation across income groups

The weekly SPI percentage change showed that inflation increased across all income groups, ranging between 0.64% and 0.86%.

The lowest-income group was the hardest hit, experiencing a weekly increase of 0.85%, while the highest income group recorded a 0.64% increase.

On a yearly basis, the analysis of SPI change across different income segments revealed that inflation surged across all quantiles, with increases ranging between 28.60% and 30.22%.

The lowest-income group experienced a yearly SPI increase of 28.60%, while the highest income group recorded an increase of 29.91%.

Sona Urea and cement prices fluctuate

The average price of Sona urea stood at Rs3,847 per 50 kg bag, showing a 1.66% increase compared to the previous week and a substantial 55.4% surge when compared to prices from last year.

These rising fertilizer costs can have implications for the agricultural sector and food production.