LAHORE – After reaching the record high level last month, inflation witnessed downward trend for the first time during the current year.
Country’s Consumer Price Index (CPI)-based inflation reached 29.4% on a year-on-year basis in June 2023 as compared to 38% in May this year and 21.3% in June 2022.
Average inflation reached 29.18% in the fiscal year 2022-23 as compared to 12.15% during the previous financial year.
As per Pakistan Bureau of Statistics, CPI inflation decreased to 0.3% in June 2023 on month-on-month basis as compared to 1.6% in the previous month and 6.3% in June 2022.
CPI inflation Urban reached 27.3% on year-on-year basis in June 2023 as compared to 35.1% in the previous month and 19.8% in June 2022.
On month-on-month basis, it increased to 0.1% in June 2023 as compared to 1.5% in the previous month and 6.2% in June 2022.
CPI inflation Rural was clocked at 32.4% on year-on-year basis in June 2023 as compared to 42.2% in the previous month and 23.6% in June 2022.
On month-on-month basis, it decreased to 0.8% in June 2023 as compared to 1.7% in the previous month and 6.6% in June 2022.
Meanwhile, SPI (Sensitive Price Index) inflation reached 34.9% on a year-on-year basis in June 2023 as compared to 43% a month earlier and 21.7% in June 2022.
On month-on-month basis, it increased by 0.2% in June 2023 as compared to 1.3% a month earlier and 6.2% in June 2022.
WPI-based (Wholesale Price Index) inflation was recorded 22.4% in June 2023 as compared to 32.8% a month earlier and 38.9% in June 2022.
On month-on-month basis, it decreased by 0.3% in June 2023 as compared to 1.0% a month earlier and 8.2% in corresponding month of last year i.e. June 2022.
Experts have attributed the recent decrease in inflation to dip in international commodity prices and improvement in exchange rate following Pakistan’s staff level agreement with the International Monetary Fund. They are seeing further decrease in inflation during the coming months with the implementation of IMF deal.
Inflation reaches highest level of 38pc in history of Pakistan
