Pakistan’s monthly inflation drops to 20.68% in March 2024
- By Web Desk -
- Apr 01, 2024
Pakistan’s weekly inflation dropped to 20.68% on a month-on-month basis in March, the Pakistan Bureau of Statistics (PBS) said on Monday, lower than the reading in February when it stood at 23.06%.
This is the lowest inflation reading since May 2022 when it stood at 13.8%, according to the Pakistan Bureau of Statistics (PBS).
The CPI figure during the last nine months of the current fiscal year remained at 27.06.
The inflation reading is lower than the government’s expectations and adds credence to the wider impression that the key interest rate will now begin to reduce.
Read more: Inflation to ease in April 2024: finance ministry
The finance ministry on Friday issued its monthly economic update for March, projecting that inflation in Pakistan is expected to hover around 22.5-23.5 percent and to further ease in April 2024.
According to the monthly Economic Update and Outlook, the March inflation is seen at a moderate level, despite the upward revision of petrol prices and the influence of Ramadan “which historically leads to bulk buying by consumers and stringing up the demand supply gap”.