Pakistan’s headline inflation clocks in at 26.9pc in Oct

ISLAMABAD: Pakistan’s headline inflation clocked in at 26.9% on a year-on-year basis in October, the Pakistan Bureau of Statistics (PBS) data showed Wednesday.

This takes July-October’s average inflation to 28.48% compared to 25.48% in same period last year.

The PBS said CPI inflation in Urban increased to 25.5% on a year-on-year basis in October 2023 as compared to an increase of 29.7% in the previous month and 24.6% in October 2022.

On month-on-month basis, it increased to 1.1% in October 2023 as compared to an increase of 1.7% in the previous month and an increase of 4.5% in October 2022.

CPI inflation in Rural increased to 28.9% on year-on-year basis in October 2023 as compared to an increase of 33.9% in the previous month and 29.5% in October 2022.

On a month-on-month basis, it increased to 1.1% in October 2023 as compared to an increase of 2.5% in the previous month and an increase of 5.0% in October 2022.

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Earlier, the Ministry of Finance in its latest ‘Monthly Economic Update and Outlook’ report, projected Consumer Price Index (CPI)-based inflation in Pakistan for October at 27%-29%.

The finance ministry anticipated inflation will be lower contained compared to the elevated levels observed in the first quarter of FY2024.