First single-digit stat in nearly 3 years: Annual inflation slows to 9.6pc

KARACHI: Country’s annual consumer price inflation rate slowed to 9.6% in August, the first single-digit reading in almost three years, the statistics agency said on Monday.

Monday’s inflation figure was in line with finance ministry projections released on Friday of a range of 9.5-10.5% in August. It forecast further falls in September.

Pakistan’s August annual CPI figures were down from 27.4% this time last year and 11.1% in July. The monthly inflation rate was 0.4%, the Pakistan Bureau of Statistics said in a statement.—Reuters

BR staff reporter TAHIR AMIN adds: On month-on-month basis, Consumer Price Index (CPI)-based inflation increased to 0.4 per cent in August 2024 as compared to an increase of 2.1 per cent in the previous month and an increase of 1.7 per cent in August 2023.

The average CPI stood at 10.36 percent during the first two months of the current fiscal year compared to 27.84 percent during the same period of last year.

CPI inflation Urban, increased to 11.7 per cent on year-on-year basis in August 2024 as compared to an increase of 13.2 per cent in the previous month and 25.0 per cent in August 2023. On month-on-month basis, it increased to 0.3 per cent in August 2024 as compared to an increase of 2 per cent in the previous month and an increase of 1.6 per cent in August 2023.

CPI inflation Rural, increased to 6.7 per cent on year-on-year basis in August 2024 as compared to an increase of 8.1 per cent in the previous month and 30.9 per cent in August 2023. On month-on-month basis, it increased to 0.6 per cent in August 2024 as compared to an increase of 2.2 per cent in the previous month and an increase of 1.9 per cent in August 2023.

The Sensitive Price Index (SPI) inflation on YoY increased to 10.8 per cent in August 2024 as compared to an increase of 15.7 per cent a month earlier and 27.9 per cent in August 2023. On MoM basis, it decreased to 0.3 per cent in August 2024 as compared to an increase of 2.0 per cent a month earlier and an increase of 4.1 per cent in August 2023.

The Wholesale Price Index (WPI) inflation on YoY basis increased to 6.3 per cent in August 2024 as compared to an increase of 10.4 per cent a month earlier and an increase of 24.3 per cent in August 2023. On MoM basis, it increased by 0.3 per cent in August 2024 as compare to an increase of 2.3 per cent in the previous month and an increase of 4.2 per cent in corresponding month of last year i.e. August 2023.

Measured by non-food non-energy Urban increased to 10.2 per cent on (YoY) basis in August 2024 as compared to an increase of 11.7 per cent in the previous month and 18.4 per cent in August 2023. On MoM basis, it increased by 0.4 per cent in August 2024 as compared to an increase of 0.7 per cent in previous month and an increase of 1.8 per cent in corresponding month of last year i.e. August, 2023.

Measured by non-food non-energy Rural increased to 14.4 per cent on (YoY) basis in August 2024 as compared to an increase of 16.9 per cent in the previous month and 25.9 per cent in August 2023. On (MoM) basis, it increased by 0.6 per cent in August 2024 as compared to an increase of 1.1 per cent in previous month and an increase of 2.8 per cent in corresponding month of last year i.e. August 2023.

Measured by 20 per cent weighted trimmed mean Urban increased to 8.0 per cent on YoY basis in August 2024 as compared to 10.3 per cent in August 2023. On MoM basis, it increased to 0.2 per cent in August 2024 as compared to an increase of 1.2 per cent in the previous month and an increase of 1.5 per cent in corresponding month of last year i.e. August 2023. 10.

Measured by 20 per cent weighted trimmed mean Rural increased to 9.6 per cent on YoY basis in August 2024 as compared to 11.3 per cent in the previous month and 30.5 per cent in August 2023. On MoM basis, it increased to 0.4 per cent in August 2024 as compared to an increase of 1.7 per cent in the previous month and an increase of 1.4 per cent in corresponding month of last year i.e. August 2023.

The National Consumer Price Index for August 2024 is increased by 0.39 per cent over July 2024 and increased to 9.64 per cent over corresponding month of the last year i.e. August 2023.

The Urban Consumer Price Index for August 2024 is increased by 0.27 per cent over July 2024 and increased to 11.71 per cent over corresponding month of the last year i.e. August 2023.

On MoM basis, the top few commodities which varied from the previous month and increased in food include onions (22.84 per cent), chicken (13.62 per cent), eggs (12.39 per cent), fresh vegetables (12.25 per cent), besan (4.88 per cent), pulse gram (4.55 per cent), gram whole (3.82 per cent), potatoes (2.90 per cent), pulse moong (2.83 per cent), milk fresh (1.27 per cent), milk products (1.20 per cent), vegetable ghee (1.10 per cent), gur (1.04 per cent), meat (0.99 per cent), rice (0.98 per cent), pulse mash (0.85 per cent), condiments and spices (0.73 per cent), honey (0.71 per cent), fish (0.68 per cent), mustard oil (0.67 per cent), readymade food (0.58 per cent), beans (0.45 per cent), cooking oil (0.38 per cent), bakery and confectionary (0.32 per cent), beverages (0.31 per cent), milk powder (0.25 per cent), sweetmeat (0.20 per cent), dry fruits (0.18 per cent), Nimco(0.15 per cent), butter (0.03 per cent) and sugar (0.02 per cent) and decreased in fresh fruits (13.10 per cent), tomatoes (8.09 per cent), wheat flour (3.87 per cent), wheat (3.40 per cent), dessert preparation (0.69 per cent), masoor (0.57 per cent), wheat products (0.38 per cent) and cigarettes (0.37 per cent).

Among non-food items which increased motor vehicle tax (168.79 per cent), stationery (5.08 per cent), hosiery (3.41 per cent), personal effects n.e.c. (2.47 per cent), dopatta (1.85 per cent), drugs and medicines (1.35 per cent), readymade garments (1.24 per cent), plastic products (1.03 per cent), doctor (MBBS) clinic fee (0.88 per cent) and decreased in electricity charges (6.45 per cent), motor fuel (1.78 per cent), liquefied hydrocarbons (1.50 per cent) and transport services (1.05 per cent).

YoY top few commodities which varied from corresponding month of previous year i.e. August, 2023 and increased in food items include onions (136.32 per cent), fresh vegetables (76.35 per cent), pulse gram (42.35 per cent), besan (31.15 per cent), fish (28.98 per cent), fresh fruits (27.32 per cent), pulse moong (25.05 per cent), milk powder (24.17 per cent), beans (23.35 per cent), dry fruits (21.10 per cent), meat (19.04 per cent), maash (17.67 per cent), tomatoes (16.27 per cent), masoor (15.56 per cent), gram whole (13.10 per cent), beverages (10.50 per cent), milk products (10.16 per cent) and milk fresh (10.09 per cent) and decreased in wheat (36.62 per cent), wheat flour (34.52 per cent), cooking oil (11.35 per cent), wheat products (8.81 per cent), vegetable ghee (7.19 per cent), rice (6.10 per cent), mustard oil (5.89 per cent), gur (5.66 per cent), sugar (3.65 per cent), tea (2.72 per cent) and eggs (1.86 per cent).

Among non-food which increased include; gas charges (318.74 per cent), motor vehicle tax (168.79 per cent), dental services (28.84 per cent), cotton cloth (24.17 per cent), woolen readymade garments (23.31 per cent) and transport services (22.87 per cent). Decreased: motor fuel (4.52 percent).

The Rural Consumer Price Index for August 2024 is increased by 0.55 per cent over July 2024 and increased to 6.73 per cent over corresponding month of the last year i.e. August 2023.

On MoM basis, the top few commodities which varied from the previous month in food which increased include; chicken (19.69 per cent), fresh vegetables (18.67 per cent), onions (17.72 per cent), eggs (14.28 per cent), pulse gram (5.32 per cent), besan (4.44 per cent), gram whole (3.26 per cent), moong (2.98 per cent), butter (2.32 per cent), meat (1.95 per cent), pulse mash (1.87 per cent), condiments and spices (1.55 per cent), milk products (1.48 per cent), potatoes (1.35 per cent), honey (1.30 per cent), readymade food (0.92 per cent), vegetable ghee (0.86 per cent), milk powder (0.71 per cent) and milk fresh (0.70 per cent) and decreased in tomatoes (20.56 per cent), fresh fruits (17.09 per cent), wheat flour (4.52 per cent), wheat products (0.69 per cent), sugar (0.52 per cent) and wheat (0.42 per cent).

Among non-food which increased include; motor vehicle tax (126.61 per cent), dental services (3.24 per cent), stationery (2.55 per cent), drugs and medicines (1.28 per cent), education (1.25 per cent) and construction input items (1.08 per cent) and decreased in electricity charges (6.45 per cent), motor fuels (2.01 per cent), transport services (0.57 per cent) and liquefied hydrocarbons (0.12 per cent).

YoY top few commodities which varied from corresponding month of previous year i.e. August, 2023 and increased in food include; onions (144.27 per cent), fresh vegetables (57.31 per cent), pulse gram (39.19 per cent), beans (30.52 per cent), moong (29.46 per cent), milk powder (28.42 per cent), butter (26.14 per cent), fresh fruits (25.11 per cent), fish (24.13 per cent), besan (22.33 per cent), meat (21.49 per cent), masoor (18.28 per cent), pulse mash (17.32 per cent), dry fruits (16.59 per cent), beverages (12.87 per cent), sweetmeat (12.77 per cent), Nimco(12.06 per cent) and milk products(11.68 per cent) and decreased: wheat flour (34.45 per cent), wheat (33.30 per cent), cooking oil (8.94 per cent), vegetable ghee (6.85 per cent), mustard oil (4.99 per cent), wheat products (4.55 per cent), sugar (3.48 per cent), eggs (3.05 per cent), rice (2.46 per cent), gur (0.98 per cent) and tea (0.59 per cent).

Among non-food which increased include; motor vehicle tax (126.61 per cent), woolen readymade garments (38.42 per cent), education (22.95 per cent), cotton cloth (22.13 per cent), marriage hall charges (21.77 per cent), furniture and furnishing (21.77 per cent), transport services (19.52 per cent), woolen cloth (18.91 per cent), communication services (18.70 per cent) and footware (17.85 per cent) and decreased in motor fuels (5.23 per cent).

The Wholesale Price Index for August, 2024 increased by 0.30 per cent over July, 2024. It increased to 6.28 per cent over the corresponding month of the last year i.e. August, 2023.

Copyright Business Recorder, 2024