Pakistan’s Consumer Price Index (CPI) based inflation slowed to 11.8 percent on a year-on-year basis in May 2024 as compared to an increase of 17.3 percent in the previous month and 38 percent in May 2023, according to the Pakistan Bureau of Statistics (PBS).
According to Arif Habib Limited (AHL), this is the lowest inflation since November 2021. This takes 11MFY24 average inflation to 24.5 percent, compared to 29.2 percent in 11MFY23.
CPI inflation (general) on a month-on-month basis, decreased to -3.2 percent in May 2024 as compared to a decrease of 0.4 percent in the previous month and an increase of 1.6 percent in May 2023.
CPI inflation Urban increased to 14.3 percent on a year-on-year basis in May 2024 as compared to an increase of 19.4 percent in the previous month and 35.1 percent in May 2023. On a month-on-month basis, it decreased to -2.8 percent in May 2024 as compared to a decrease of 0.1 percent in the previous month and an increase of 1.5 percent in May 2023.
CPI inflation Rural increased to 8.2 percent on a year-on-year basis in May 2024 as compared to an increase of 14.5 percent in the previous month and 42.2 percent in May 2023. On a month-on-month basis, it decreased to -3.9 percent in May 2024 as compared to a decrease of 0.9 percent in the previous month and an increase of 1.7 percent in May 2023.
SPI inflation on YoY increased to 15.3 percent in May 2024 as compared to an increase of 21.6 percent a month earlier and 43.0 percent in May 2023. On an MoM basis, it decreased by 4.0 percent in May 2024 as compared to a decrease of -0.7 percent a month earlier and an increase of 1.3 percent in May 2023.
WPI inflation on a YoY basis increased to 9.9 percent in May 2024 as compared to an increase of 13.9 percent a month earlier and an increase of 32.8 percent in May 2023. On an MoM basis, it decreased by -2.5 percent in May 2024 as compared to a decrease of 0.7 percent in the previous month and an increase of 1.0 percent in the corresponding month of last year i.e. May 2023.
Core Inflation (NFNE)
Measured by non-food non-energy Urban increased to 12.3 percent on a YoY basis in May 2024 as compared to an increase of 13.1 percent in the previous month and 20.0 percent in May 2023. On an MoM basis, it increased by 0.4 percent in May 2024 as compared to an increase of 2.1 percent in the previous month, and an increase of 1.2 percent in the corresponding month of last year i.e. May 2023.
Measured by non-food non-energy Rural increased to 17.0 percent on a YoY basis in May 2024 as compared to an increase of 19.3 percent in the previous month and 26.9 percent in May 2023. On an MoM basis, it increased by 0.5 percent in May 2024 as compared to an increase of 2.0 percent in the previous month, and an increase of 2.5 percent in the corresponding month of last year i.e. May 2023.
Core Inflation (Trimmed)
Measured by a 20 percent weighted trimmed mean Urban increased to 11.0 percent on a YoY basis in May 2024 as compared to 13.4 percent in the previous month and 30.5 percent in May 2023. On an MoM basis, it decreased by -0.5 percent in May 2024 as compared to an increase of 0.5 percent in the previous month and an increase of 1.5 percent in the corresponding month of last year i.e. May 2023.
Measured by a 20 percent weighted trimmed mean Rural increased to 10.6 percent on a YoY basis in May 2024 as compared to 15.0 percent in the previous month and 38.8 percent in May 2023. On an MoM basis, it decreased to -0.9 percent in May 2024 as compared to an increase of 0.6 percent in the previous month and an increase of 2.0 percent in the corresponding month of last year i.e. May 2023.
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