Pakistan's weekly inflation drops by 2.3 pc

ISLAMABAD: The core inflation measured by Consumer Price Index (CPI) decelerated further to 4.9 percent during November 2024 as compared to 7.2 percent recorded during October 2024, ARY News reported quoting Pakistan Bureau of Statistics (PBS).

According to PBS data, the CPI based inflation during the same month of last year (November 2023) was recorded at 29.2%.

On month-on-month basis, it increased by 0.5% in November 2024 as compared to an increase of 1.2% in the previous month and an increase of 2.7% in November 2023.

“Pakistan Inflation as measured by CPI has made another multi-year low,” commented Advisor to Finance Minister on Economic and Financial reforms Khurram Schehzad on X.

He said, the inflation was lowest in 6.5 years, impacts common man, businesses and government fiscal status.

He expressed the hope that such a low pace of inflation would result in more monetary easing, leading to further decline in cost of capital for businesses and industries and higher savings on debt servicing for the government resulting in improved fiscal balance in the coming months.

According to PBS data, CPI inflation Urban, decreased to 5.2% on year-on-year basis in November 2024 as compared to the 9.3% in the previous month and 30.4% in November 2023. On month-on-month basis, it increased by 0.5% in November 2024 as compared to an increase of 1.1% in the previous month and an increase of 4.3% in November 2023.

CPI inflation Rural, increased by 4.3% on year-on-year basis in November 2024 as compared to 4.2% in the previous month and 27.5% in November 2023. On month-on-month basis, it increased by 0.5% in November 2024 as compared to an increase of 1.5% in the previous month and an increase of 0.4% in November 2023.

The Sensitive Price Indictor (SPI) inflation on YoY decreased to 7.3% in November 2024 as compared to 9.7% a month earlier and 30.6% in November 2023. On MoM basis, it increased by 1.0% in November 2024 as compared to an increase of 0.6% a month earlier and an increase of 3.3% in November 2023.

The Wholesale Price Index (WPI) inflation on YoY basis decreased to 2.3% in November 2024 as compared to 3.9% a month earlier and an increase of 26.4% in November 2023. On MoM basis, it decreased by 0.1% in November 2024 as compared to a no change in the previous month and an increase of 1.4% in corresponding month of last year i.e. November 2023.

The urban core inflation (NFNE), measured by non-food non-energy increased to 8.9% on (YoY) basis in November 2024 as compared to 8.6% in the previous month and 18.6% in November 2023. On (MoM) basis, it increased by 1.2% in November 2024 as compared to an increase of 0.6% in previous month and an increase of 0.9% in corresponding month of last year i.e. November, 2023.

The rural core inflation, measured by non-food non-energy Rural decreased to 10.9% on (YoY) basis in November 2024 as compared to 11.7% in the previous month and 25.9% in November 2023. On (MoM) basis, it remained unchanged at 0.7% in November 2024 as compared to previous month and an increase of 1.4% in corresponding month of last year i.e. November 2023.