SPI rises 13.33 YoY, 0.61 WoW as prices of essentials climb higher
KARACHI: Weekly sensitive price indicator (SPI) increased 13.33 percent year-on-year, and went up 0.61 percent week-on-week during the 7-day period ended August 12, 2021, data showed on Friday.
Inflation report released by the Pakistan Bureau of Statistics (PBS) showed that all five expenditure groups experienced an increase in SPI on WoW and YoY basis mainly on account of a hike in prices of essential commodities and fuel. The SPI for the week under review was recorded at 151.80 points against 150.88 points registered in the previous week.
The WoW increase was mainly on account of higher prices of tomatoes (37.47 percent), garlic (4.45 percent), potatoes (1.31 percent), vegetable ghee 2.5kg (1.16 percent), and gur (1.07 percent) with joint impact of 0.61 percent. Tomatoes that were available for Rs58.74/kg last week, were sold for Rs80.75 during the week under review.
Decrease was noted in the prices of bananas (3.82 percent), eggs (1.76 percent), onions (1.72 percent), pulse moong (1.32 percent), LPG (0.71 percent), and pulse masoor (0.37 percent).
The YoY trend depicted 13.22 percent spike on account of electricity for Q1 (60.81 percent), LPG (57.82 percent), tomatoes (39.97 percent), chilli powder (35.71 percent), vegetable ghee 1kg (34.34 percent), vegetable ghee 2.5kg (34.15 percent), mustard oil (34.01 percent), gents sandal (33.37 percent), cooking oil 5 litre (32.89 percent), gents sponge chappal (25.13 percent), and chicken (23.08 percent). A major decrease was observed in the prices of potatoes (21.80 percent) and pulse moong (20.20 percent).
Electricity, that holds 12.93 percent weight in the SPI basket has jumped by 60.81 percent YoY, with unit price now at Rs5.95 from Rs3.70 during the same period last year.
Prices of other fuels like petrol, diesel and kerosene have climbed too. And though LPG price declined during the week under review, on YoY basis, the price of 11.67kg LPG cylinder went up by Rs742.56 to stand at Rs2,026.74, up from Rs1,284.18 in the same period in 2020. The weight of the commodity in the combined income group stands at 1.437 percent.
The impact of these price changes has been the highest on those spending up to Rs17,732. SPI for the lowest expenditure group went up 16.60 percent YoY and 0.65 WoW. It went up to 163.62 points from 162.57 points last week.
SPI for the groups spending Rs17,732-22,888; Rs29,518-44,175; and above Rs44,175 showed an increase of 0.65, 0.64, and 0.56 percent, respectively. The lowest WoW impact was on the highest spending group.
SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country. It comprises of 51 essential items and the prices are collected from 50 markets in 17 cities of the country.
During the week, prices of 18 items increased, 6 decreased, while prices of 27 items remained unchanged.