Islamabad, March 29, 2024 – Pakistan’s weekly Sensitive Price Indicator (SPI) witnessed a substantial surge of 29.41 percent year on year (YoY) basis as of March 28, 2024, according to official data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The Sensitive Price Indicator serves as a crucial barometer of price movements in essential commodities, reflecting the prevailing inflationary pressures impacting consumers nationwide.
The year-on-year trend revealed a significant uptick across various categories, with notable increases observed in Gas Charges for Q1 (570.00 percent), Chilies Powder (86.05 percent), Onions (78.98 percent), Gents Sponge Chappal (58.05 percent), Gents Sandal (53.37 percent), Garlic (52.20 percent), Gur (37.70 percent), Chicken (37.57 percent), Salt Powder (33.29 percent), Sugar (31.56 percent), Energy Saver (29.83 percent), and Pulse Mash (27.09 percent).
Conversely, certain items experienced a decrease in prices, including Cooking Oil 5 Litre (20.50 percent), Bananas (20.20 percent), Vegetable Ghee 2.5 Kg (17.87 percent), Vegetable Ghee 1 Kg (17.72 percent), Mustard Oil (14.02 percent), Diesel (2.47 percent), Wheat Flour (0.27 percent), and Cigarettes (0.06 percent).
Analyzing the SPI for the current week ending March 28, 2024, a marginal decrease of 0.09 percent was recorded. Notable reductions were observed in the prices of Tomatoes (12.04 percent), Wheat Flour (3.80 percent), Garlic (2.59 percent), LPG (2.42 percent), Onions (1.74 percent), Potatoes (1.07 percent), Bananas (0.77 percent), Pulse Gram (0.57 percent), and Sugar (0.49 percent).
Conversely, certain items experienced price increases during the week, including Chicken (4.92 percent), Eggs (1.61 percent), Shirting (0.56 percent), and Rice Irri 6/9 (0.15 percent).
During the week under review, out of 51 items monitored, prices of 04 (7.84 percent) items witnessed an increase, while 18 (35.30 percent) items recorded a decrease. The prices of 29 (56.86 percent) items remained stable, reflecting a relatively balanced market environment.
The SPI data provides valuable insights into the evolving dynamics of the consumer market, shedding light on trends in essential commodity prices and their impact on household budgets. Rising inflationary pressures, as reflected in the SPI, pose challenges for policymakers in managing macroeconomic stability and ensuring affordability for consumers.
Efforts to address inflationary pressures and stabilize prices remain a key priority for the government, with measures aimed at enhancing supply chain efficiency, promoting agricultural productivity, and implementing targeted subsidies to mitigate the burden on vulnerable segments of society.
As Pakistan navigates through economic challenges, effective monitoring and management of price movements through mechanisms such as the SPI are essential for fostering sustainable economic growth and improving living standards for all citizens.
