Pakistan’s Consumer Price Index (CPI) based inflation has slowed to 11.8 percent year-on-year in May 2024, down from 17.3 percent in the previous month and 38 percent in May 2023, as reported by the Pakistan Bureau of Statistics (PBS).
According to Arif Habib Limited (AHL), this marks the lowest inflation rate since November 2021. The average inflation for the first 11 months of the fiscal year 2024 (11MFY24) stands at 24.5 percent, compared to 29.2 percent in the same period of the previous fiscal year.
Month-on-month, CPI inflation (general) decreased by 3.2 percent in May 2024, following a 0.4 percent decline in April and a 1.6 percent increase in May 2023.
In urban areas, year-on-year CPI inflation rose to 14.3 percent in May 2024, down from 19.4 percent in April and 35.1 percent in May 2023. On a month-on-month basis, it decreased by 2.8 percent in May 2024, following a 0.1 percent decline in April and a 1.5 percent increase in May 2023.
In rural areas, year-on-year CPI inflation increased to 8.2 percent in May 2024, down from 14.5 percent in April and 42.2 percent in May 2023. On a month-on-month basis, it decreased by 3.9 percent in May 2024, following a 0.9 percent decline in April and a 1.7 percent increase in May 2023.
The Sensitive Price Indicator (SPI) inflation increased to 15.3 percent year-on-year in May 2024, down from 21.6 percent in April and 43.0 percent in May 2023. Month-on-month, it decreased by 4.0 percent in May 2024, compared to a 0.7 percent decline in April and a 1.3 percent increase in May 2023.
Wholesale Price Index (WPI) inflation increased to 9.9 percent year-on-year in May 2024, down from 13.9 percent in April and 32.8 percent in May 2023. Month-on-month, it decreased by 2.5 percent in May 2024, following a 0.7 percent decline in April and a 1.0 percent increase in May 2023.
Core Inflation (Non-Food Non-Energy) Urban core inflation increased to 12.3 percent year-on-year in May 2024, down from 13.1 percent in April and 20.0 percent in May 2023. Month-on-month, it rose by 0.4 percent in May 2024, following a 2.1 percent increase in April and a 1.2 percent increase in May 2023.
Rural core inflation increased to 17.0 percent year-on-year in May 2024, down from 19.3 percent in April and 26.9 percent in May 2023. Month-on-month, it rose by 0.5 percent in May 2024, following a 2.0 percent increase in April and a 2.5 percent increase in May 2023.
Core Inflation (Trimmed) Urban core inflation, measured by a 20 percent weighted trimmed mean, increased to 11.0 percent year-on-year in May 2024, down from 13.4 percent in April and 30.5 percent in May 2023. Month-on-month, it decreased by 0.5 percent in May 2024, following a 0.5 percent increase in April and a 1.5 percent increase in May 2023.
Rural core inflation, measured by a 20 percent weighted trimmed mean, increased to 10.6 percent year-on-year in May 2024, down from 15.0 percent in April and 38.8 percent in May 2023. Month-on-month, it decreased by 0.9 percent in May 2024, following a 0.6 percent increase in April and a 2.0 percent increase in May 2023.
