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Pakistan

Pakistan’s headline inflation reading clocks in at 27.4% in August

  • This is the lowest inflation figure in calendar year 2023
Published September 1, 2023

Pakistan’s headline inflation clocked in at 27.4% on a year-on-year basis in August, the Pakistan Bureau of Statistics (PBS) said on Friday, marginally lower than the reading in July when it stood at 28.3%. On a month-on-month basis, it was up 1.7%.

This takes 2MFY24’s average inflation to to 27.85%, higher than 2MFY23’s average of 26.10%.

The Consumer Price Index-based reading for August is also the lowest in calendar year 2023.

Experts, however, believe the reading is set to go higher in coming months as rupee depreciation, higher energy tariffs, and record-high fuel prices take their toll on consumers’ pockets.

The caretaker government announced another hike in petrol and diesel prices, taking them to Rs305.36 and Rs311.84 per litre, respectively, from Friday.

The latest increase means the price of petrol has increased nearly 21% or Rs52.36 since the start of August.

The State Bank of Pakistan (SBP) is set to hold its Monetary Policy Committee (MPC) meeting on September 14 to decide the key policy rate, which currently stands at a record 22%. Most analysts expect a rate hike in the announcement.

Urban, rural inflation

The PBS said that CPI inflation Urban increased to 25.0% on year-on-year basis in August 2023 as compared to an increase of 26.3% in the previous month and 26.2% in August 2022.

On month-on-month basis, it increased to 1.6% in August 2023 as compared to an increase of 3.6% in the previous month and an increase of 2.6% in August 2022.

CPI inflation Rural, increased to 30.9% on year-on-year basis in August 2023 as compared to an increase of 31.3% in the previous month and 28.8% in August 2022. On month-on-month basis, it increased to 1.9% in August 2023 as compared to an increase of 3.3% in the previous month and an increase of 2.2% in August 2022.

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Syed Muhammad Shah Sep 01, 2023 06:44pm
This is a great initiative taken by Pml & Bmrl. We hope it will benefit both institutions and people of balochistan.
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KU Sep 01, 2023 06:47pm
......meanwhile, someone is thinking hard and fast about how to come up with a lie or a propaganda jingle that can motivate people and deny their suffering.
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Jamshaid Chashmawala Sep 01, 2023 07:17pm
This is a country of Neutrals who are ruling it the way they want. We have to leave it as soon as possible. Immigrate any place from here.
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Hilarious Sep 01, 2023 07:35pm
With most things at all time highs, one can only wonder how fudged these figures are to bring some calm into the markets. In the end, the truth shall prevail.
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KU Sep 01, 2023 08:24pm
Monarchy shall live, all hale the kings, the subjects must pay, even if it means starving themselves.
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KhanRA Sep 02, 2023 12:04am
This country and its economy are in terminal decline. We tried to rule ourselves free of Hindu majoritarianism, and ended up with military/elite/religious dictatorship. Our government, in an effort to hide their failures and incompetence, covered their performance by appealing to anti-Americanism and Islam. We neglected everything else that would make us a modern country. And now we are a failure.
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KhanRA Sep 02, 2023 12:05am
@Jamshaid Chashmawala, no one wants Pakistani immigrants. They see us as anti-western and religious extremist/bigots. And they are correct for 80% of us. We must therefore flee in boats and hope they don’t catch and deport us.
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