Annual SPI-based weekly inflation jumps to all time high of 45.5 percent

ISLAMABAD: Weekly inflation based on Sensitive Price Index (SPI) enhanced to all time high of 45.5 percent in the week ended on September 1 over the corresponding period of the previous year mainly due to the continuous increase in oil and electricity prices and damages caused to crops due to floods.
The SPI based inflation has recorded increase of 1.31 percent during the week ended on September 1 over the preceding week, according to the latest data of Pakistan Bureau of Statistics (PBS). The SPI was recorded at 222.85 points during the week ended on September 1 as compared to 219.97 point during the week ended on August 25. On annual basis, the weekly inflation has enhanced to all time high of 45.5 percent.
Recent floods caused by abnormally heavy monsoon rains have adversely affected important and minor Kharif crops which may impact the economic outlook through agriculture performance. The massive increase in electricity tariff as well as in petroleum products are another factors that contributed to the price spike. During the week, out of 51 items, prices of 31 (60.79 percent) items increased, 03 (05.88 percent) items decreased and 17 (33.33 percent) items remained stable. The SPI for the current week ended on 01st September, 2022 recorded an increase of 1.31 percent. Increase is observed in the prices of food items, onions (42.17 percent), tomatoes (13.25 percent), pulse moong (7.94 percent), potatoes (6.97 percent), eggs (3.84 percent), chicken (3.25 percent), pulse gram (2.89 percent), wheat flour (1.49 percent), pulse mash (1.26 percent) and bread (1.22 percent). In non-food items, price of LPG has increased by (4.45 percent), diesel (1.19 percent) and petrol (0.88 percent).
On the other hand, a decrease was observed in the prices of vegetable ghee 1kg (0.76 percent), vegetable ghee 2.5kg (0.41 percent) and pulse masoor (0.34 percent).
The prices of following commodities remained unchanged including, beef with bone, cooked beef at average hotel, salt, chilies powder, tea Lipton, tea prepared, average quality 3 gents sandal Bata, electricity charges, gas charges upto 3.3719 MMBTU, energy saver, and telephone call charges.
According to the PBS data, the Sensitive Price Indicator for the lowest consumption group up to Rs17,732 witnessed 1.63 percent increase and went up to 229.15 points this week from 225.48 points in last week. Meanwhile, the SPI for the consumption groups from Rs17,732-22,888; Rs22,889-29,517; Rs29,518-44,175 and above Rs 44,175 also increased by 1.53 percent, 1.43 percent, 1.39 percent and 1.2 percent respectively.