SPI inflation rises by 15.23% on yearly basis

F.P. Report

ISLAMABAD: The sensitive price indicator (SPI) based inflation for the week ending on March 3 witnessed an increase of 15.23% for the combined consumption group compared to the corresponding week of last year (March 4, 2021), according to Pakistan Bureau of Statistics (PBS), according to WealthPK.
The commodities registering an increase year-on-year (YoY) in prices included tomatoes (241.95%), garlic (57.88%), mustard oil (53.22%), cooking oil 5 liter (44.91%), vegetable ghee 1kg (44.00%), vegetable ghee 2.5kg (43.21%), pulse masoor (34.81%), beef (25.05%), LPG (71.48%), washing soap (36.95%), petrol (33.42%), and hi-speed diesel (23.75%).
On the other hand, a major decrease was observed in the prices of powdered chilies (36.30%), pulse moong (30.23%), eggs (8.70%), sugar (8.19%), potatoes (7.38%) and onions (6.49%).
According to the PBS, the combined index was at 170.53 points on March 3, 2022 compared to 170.47 points on February 24, 2022, while the index was recorded at 147.99 points on March 4, 2021.
During the week, out of 51 items, prices of 19 (37.25%) items increased, 13 (25.50%) items decreased and 19 (37.25%) items remained stable.
Chicken was one of the key commodities that increased the weekly inflation, with prices increasing 10.47% on a week-on-week (WoW) basis.
Meanwhile, compared to the previous week, the SPI for the combined consumption group in the week under review witnessed an increase of 0.04%.
Food commodities that saw an increase in prices included chicken (10.47%), bananas 7.06%, vegetable ghee Dalda/Habib 4.08%, vegetable ghee Dalda/Habib 2.5kg tin 3.69%, mustard oil 2.98%, cooking oil Dalda 5 litre tin 2.19%, powdered milk Nido 1.11%, tea Lipton Yellow Label 0.69%, milk fresh (un-boiled) 1 liter 0.34%, mutton 0.32%, curd (dahi) 1kg 0.20%, beef with bone 1kg 0.14%, pulse gram 1 kg 0.07%, tea prepared ordinary per cup 0.06%, cooked daal at average hotel per plate 0.03%, LPG cylinder 9.45%, georgette 1 mtr 1.06%, long cloth 57 Gul Ahmed/Al Karam 1 mtr 0.68%, and Sufi washing soap 250gm 0.60%.

On the other hand, a decrease is observed in the prices of tomatoes 27.06%, onions 0.40%, eggs 7.18%, hi-speed diesel 6.43%, petrol super per litre 6.23%, garlic 1kg 3.27%, pulse moong 0.96%, pulse masoor 1kg 0.69%, wheat flour bag 20kg 0.35%, sugar refined 1kg 0.27%, potatoes 1kg 0.20%, pulse mash 1kg 0.16%, and gur (average quality) 1kg 0.10%.

The prices of 19 items remained stable including rice basmati broken, rice IRRI-6/9 (Sindh/Punjab), bread plain (small size), salt powdered (National/Shan) 800gm, chilies powder national 200gm, cooked beef at average hotel per plate, shirting (average quality) 1 mtr, lawn printed Gul Ahmed/Al Karam 1 mtr, gents sandal Bata pair, gents sponge chappal Bata pair, ladies sandal Bata pair, electricity charges, gas charges up to 3.3719 mmbtu, firewood, energy saver Philips 14 watt, match box, telephone call charges, and toilet soap Lifebuoy.

The SPI for the lowest consumption group up to Rs17,732 observed an increase of 0.12% and went up to 178.10 points this week from 177.88 points last week. On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quintiles ranging between 11.47% and 16.61%.

Yearly inflation for the group with monthly income from Rs29,518 to Rs44,175 (Q4) increased by 14.99 %, while the highest income group with monthly income above Rs44,175 recorded an increase of 16.61%.

In addition, there is a mild price difference between the utility store and open market prices (March 3, 2022). The utility stores prices are comparatively lower than the open market. The Utility Stores Corporation is giving a special subsidy to the consumers on pluses, flour, sugar, rice, and ghee under the government’s relief package.

The government has reduced the prices of utility stores commodities on a variety of items, including flour 20kg by Rs212.03, tota basmati rice by Rs18.20 per kg, chana by Rs3.68 per kg, sugar by Rs3.76 per kg, ghee Manpasand by Rs87.15 per kg, ghee Handi by Rs94.97 per kg, super basmati rice by Rs21.86 per kg, and rice sella by Rs22.66 per kg.