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Pakistan’s Headline Inflation Clocks in at 28.3% in January 2024

The Consumer Price Index (CPI) based Inflation increased to 28.3 percent on a year-on-year basis in January 2024 as compared to an increase of 29.7 percent in the previous month and 27.6 percent in January 2023.

On average CPI remained at 28.73 percent during July-January of 2023-24 compared to 25.40 percent during the same period of last fiscal year.

Courtesy: Ismail Iqbal Securities

According to the Pakistan Bureau of Statistics (PBS) on a month-on-month basis, it increased to 1.8 percent in January 2024 as compared to an increase of 0.8 percent in the previous month and an increase of 2.9 percent in January 2023.

CPI inflation Urban, increased to 30.2 percent on a year-on-year basis in January 2024 as compared to an increase of 30.9 percent in the previous month and 24.4 percent in January 2023. On a month-on-month basis, it increased to 1.8 percent in January 2024 as compared to an increase of 0.7 percent in the previous month and an increase of 2.4 percent in January 2023.

CPI inflation Rural, increased to 25.7 percent on a year-on-year basis in January 2024 as compared to an increase of 27.9 percent in the previous month and 32.3 percent in January 2023. On a month-on-month basis, it increased to 1.9 percent in January 2024 as compared to an increase of 1.0 percent in the previous month and an increase of 3.6 percent in January 2023.

The Sensitive Price Index (SPI) inflation on YoY increased to 36.2 percent in January 2024 as compared to an increase of 35.3 percent a month earlier and 30.5 percent in January 2023. On MoM basis, it increased by 2.0 percent in January 2024 as compared to an increase of 3.8 percent a month earlier and an increase of 1.3 percent in January 2023.

The Wholesale price index (WPI) inflation on a YoY basis increased to 27.0 percent in January 2024 as compared to an increase of 27.3 percent a month earlier and an increase of 28.5 percent in January 2023. On an MoM basis, it increased by 1.5 percent in January 2024 as no change was observed a month earlier and an increase of 1.8 percent in the corresponding month of last year i.e. January 2023.

Measured by non-food non-energy Urban increased to 17.8 percent on a YoY basis in January 2024 as compared to an increase of 18.2 percent in the previous month and 15.4 percent in January 2023. On an MoM basis, it increased by 1.1 percent in January 2024 as compared to an increase of 0.8 percent in the previous month, and an increase of 1.4 percent in the corresponding month of last year i.e. January 2023.

Measured by non-food non-energy Rural increased to 24.6 percent on a YoY basis in January 2024 as compared to an increase of 25.1 percent in the previous month and 19.4 percent in January 2023. On an MoM basis, it increased by 1.2 percent in January 2024 as compared to an increase of 0.9 percent in the previous month, and an increase of 1.5 percent in the corresponding month of last year i.e. January 2023.

Core inflation (Trimmed)

Measured by a 20 percent weighted trimmed mean Urban increased to 22.1 percent on a YoY basis in January 2024 as compared to 23.3 percent in the previous month and 20.9 percent in January 2023. On an MoM basis, it increased by 1.0 percent in January 2024 as compared to an increase of 0.3 percent in the previous month and an increase of 1.5 percent in the corresponding month of last year i.e. January 2023.

Measured by a 20 percent weighted trimmed mean Rural increased to 25.8 percent on a YoY basis in January 2024 as compared to 28.0 percent in the previous month and 27.8 percent in January 2023. On an MoM basis, it increased to 1.2 percent in January 2024 as compared to an increase of 0.7 percent in the previous month and an increase of 2.1 percent in the corresponding month of last year i.e. January 2023.

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