The rate of inflation in Pakistan for May 2024 eased to 11.8% year-on-year basis, data from the Pakistan Bureau of Statistics revealed on Monday, the lowest since November 2021 and below the finance ministry’s projections.
According to PBS data, the CPI-based inflation during the same month of last year was recorded at 38.0% (May 2023). On month-on-month basis, it decreased to 3.2% in May 2024 as compared to a decrease of 0.4 in the previous month and an increase of 1.6% in May 2023.
According to data, CPI inflation Urban, increased to 14.3% on year-on-year (YoY) basis in May 2024 as compared to an increase of 19.4% in the previous month and 35.1% in May 2023. On month-on-month basis, it decreased to 2.8% in May 2024 as compared to a decrease of 0.1% in the previous month and an increase of 1.5% in May 2023.
CPI inflation Rural, increased to 8.2% on year-on-year basis in May 2024 as compared to an increase of 14.5% in the previous month and 4.2% in May 2023.On month-on-month basis, it decreased to 3.9% in May 2024 as compared to a decrease of 0.9% in the previous month and an increase of 1.7% in May 2023.
“CPI for the month of May 2024 clocked in at 11.8% YoY, lowest inflation since November 2021,” Muhammad Sohail, CEO of Topline Securities, said. “Tighter monetary and fiscal policies, record agricultural production in Pakistan and stable currency helped achieve this inflation level.”
The Sensitive Price Indicator inflation on YoY increased to 15.3% in May 2024 as compared to an increase of 21.6% a month earlier and 43.0% in May 2023. On MoM basis, it decreased by 4.0% in May 2024 as compared to a decrease of 0.7% a month earlier and an increase of 1.3% in May 2023.
The Wholesale Price Index inflation on YoY basis increased to 9.9% in May 2024 as compared to an increase of 13.9% a month earlier and an increase of 32.8% in May 2023. On MoM basis, it decreased by 2.5% in May 2024 as compare to a decrease of 0.7% in the previous month and an increase of 1.0% in corresponding month of last year i.e. May 2023.
