Amidst ongoing economic fluctuations, Pakistan's weekly inflation, as measured by the Sensitive Price Indicator (SPI), surged by 9.95 percent for the combined consumption group in the week ending November 16. This considerable increase, reported by the Pakistan Bureau of Statistics (PBS), saw the SPI climb to 309.09 points compared to the preceding week's 281.12 points.
Year-on-Year data showed a staggering rise of 41.90 percent in the SPI for the combined consumption group, marking a notable economic shift over the past year.
The SPI, utilizing a base year of 2015-16 = 100, encompasses 17 urban centers and monitors 51 essential items across all expenditure groups. Notably, various consumption brackets witnessed fluctuations in prices during this period.
For instance, the lowest consumption group up to Rs 17,732 experienced a 6.63 percent increase in SPI, rising to 308.35 points from the previous week's 289.19 points. Similarly, other consumption groups from Rs 17,732 and above witnessed increases of varying degrees, ranging from 8.07 percent to 12.80 percent.
The week showcased a mixed trend in essential items' prices, with approximately half of the items witnessing price hikes, while others experienced decreases or remained stable.
Gas prices skyrocketed by a significant 480.00 percent, contributing notably to the overall inflation surge. Meanwhile, items like electricity charges, tomatoes, sugar, and diesel witnessed decreases, albeit at different percentages.
Year-on-Year comparisons depicted both reductions and spikes in essential items' prices. While tomatoes and mustard oil observed declines in prices, gas charges, cigarettes, wheat flour, and various food items recorded significant spikes, highlighting the complexity of the market's dynamics.
This comprehensive inflation analysis encompasses critical sectors like food, transportation, and housing, reflecting the multifaceted nature of price variations impacting Pakistani consumers.