AVN 66.45 Increased By ▲ 0.75 (1.14%)
BAFL 30.07 Increased By ▲ 1.08 (3.73%)
BOP 4.75 Increased By ▲ 0.16 (3.49%)
CNERGY 4.02 Increased By ▲ 0.27 (7.2%)
DFML 14.29 Increased By ▲ 0.03 (0.21%)
DGKC 43.98 Increased By ▲ 1.28 (3%)
EPCL 44.48 Increased By ▲ 2.31 (5.48%)
FCCL 11.95 Increased By ▲ 0.75 (6.7%)
FFL 4.98 Decreased By ▼ -0.06 (-1.19%)
FLYNG 6.14 Increased By ▲ 0.31 (5.32%)
GGL 10.41 Increased By ▲ 0.16 (1.56%)
HUBC 62.09 Increased By ▲ 1.94 (3.23%)
HUMNL 5.87 Increased By ▲ 0.13 (2.26%)
KAPCO 27.51 Increased By ▲ 0.62 (2.31%)
KEL 2.22 Decreased By ▼ -0.02 (-0.89%)
LOTCHEM 26.73 Increased By ▲ 0.55 (2.1%)
MLCF 22.52 Increased By ▲ 1.53 (7.29%)
NETSOL 86.60 Increased By ▲ 1.98 (2.34%)
OGDC 86.30 Increased By ▲ 0.40 (0.47%)
PAEL 11.38 Increased By ▲ 0.23 (2.06%)
PIBTL 4.29 No Change ▼ 0.00 (0%)
PPL 80.26 Decreased By ▼ -0.04 (-0.05%)
PRL 13.66 Increased By ▲ 0.98 (7.73%)
SILK 0.90 Decreased By ▼ -0.01 (-1.1%)
SNGP 41.92 Increased By ▲ 0.62 (1.5%)
TELE 6.29 Increased By ▲ 0.24 (3.97%)
TPLP 16.39 Increased By ▲ 0.52 (3.28%)
TRG 112.91 Increased By ▲ 2.41 (2.18%)
UNITY 14.42 Increased By ▲ 0.49 (3.52%)
WTL 1.20 Increased By ▲ 0.02 (1.69%)
BR100 4,075 Increased By 124 (3.14%)
BR30 14,525 Increased By 302.7 (2.13%)
KSE100 40,847 Increased By 1061.6 (2.67%)
KSE30 15,212 Increased By 411.4 (2.78%)
Pakistan

Pakistan's headline inflation clocks in at 24.5% in December

  • CPI-based number has stayed above 20% for the last 7 months
Published January 2, 2023
Follow us

The Consumer Price Index (CPI)-based inflation clocked in at 24.5% in December on year-on-year (YoY) basis. On a month-on-month (MoM) basis, it increased to 0.5% in December 2022 as compared to an increase of 0.8% in the previous month and with no change in December 2021, showed data released by the Pakistan Bureau of Statistics (PBS) on Monday.

“CPI inflation General, increased to 24.5% on YoY basis in Dec 2022 as compared to an increase of 23.8% in the previous month and 12.3% in Dec 2021,” said the PBS.

“This takes 1HFY23 average inflation to 25.02% compared to 9.81% in 1HFY22,” said Arif Habib Limited (AHL) in a note.

Pakistan's CPI-based inflation in November clocks in at 23.8%

In June 2022, the inflation reading had crossed the 20% mark, surging to an over 47-year high level of 27.3% in August 2022 on a year-on-year (YoY) basis.

The inflation reading comes in line with market expectations.

However, the Ministry of Finance in its monthly outlook for the month of December had said inflationary pressure has started easing out as the MoM CPI inflation declined from massive high of 4.7% in October 2022 to 0.8% in November.

“It can be expected that YoY CPI inflation in the month of December will maintain its declining tendency observed in November. It is expected that CPI inflation will remain in the range of 21-23%,” it said.

Rural and urban inflation

As per PBS, CPI inflation in urban areas increased to 21.6% on a year-on-year basis in December 2022 as compared to an increase of 21.6% in the previous month and 12.7% in December 2021.

On MoM basis, it increased to 0.3% in December 2022 as compared to an increase of 0.4% in the previous month and an increase of 0.3% in December 2021.

Moreover, CPI inflation in rural areas increased to 28.8% on a year-on-year basis in December 2022 as compared to an increase of 27.2% in the previous month and 11.6% in December 2021.

On a MoM basis, it increased to 0.7% in December 2022 as compared to an increase of 1.3% in the previous month and a decrease of 0.5% in December 2021.

Economic woes

High inflation is just one of the woes currently putting Pakistan's economy in distress with low foreign exchange reserves also causing worries over the country's ability to meet its debt obligations.

While experts are urging the government to revive the stalled International Monetary Fund (IMF) programme, policymakers have one eye on inflation and another on political capital as general elections loom.

Comments

Comments are closed.

KU Jan 02, 2023 07:35pm
All the possible red flags of a sagging economy are up on the economic landscape, export industries are shutting down, food insecurity is a reality, and the incompetent are trying to find an old trick from their bag to appease the people or save the economy, but it will result in a not. George Orwell’s Animal Farm comes to mind time and again. “There, comrades is the answer to all our problems. It is summed up in a single word-- Man” ― George Orwell, Animal Farm
thumb_up Recommended (0)

Pakistan's headline inflation clocks in at 24.5% in December

Alarm bells: SBP-held foreign exchange reserves plunge $923mn, now stand at mere $3.7bn

Imran Khan's arrest will create instability in country: President Alvi

Rupee plunges to record low in inter-bank market after nearly 10% fall

After Fawad's arrest, Imran says state cannot 'terrify us into submission'

KSE-100 increases over 1,000 points as Pakistan moves to revive IMF programme

14-member KP caretaker cabinet takes oath

PM Shehbaz reaffirms resolve to deepen economic, trade engagement with US

Pakistan to decide currency for Russia oil trade in March: Musadik Malik

Pakistan reviewing India’s Shanghai Cooperation Organisation invite: FO

Ishaq Dar has inflicted huge financial dent to Pakistan: Miftah Ismail