ISLAMABAD: The Consumer Price Index (CPI) based inflation increased to 11.8 per cent on a year-on-year (YoY) basis in May 2024 as compared to an increase of 17.3 per cent in the previous month, says the Pakistan Bureau of Statistics (PBS).
The CPI on average during the first eleven months (July-May) of the current fiscal year 2023-24 stood at 24.52 per cent compared to 29.16 per cent during the same period of last fiscal year.
On a month-on-month basis, it decreased to -3.2 per cent in May 2024 as compared to a decrease of 0.4 per cent in the previous month and an increase of 1.6 per cent in May 2023.
CPI inflation Urban increased to 14.3 per cent on a year-on-year basis in May 2024 as compared to an increase of 19.4 per cent in the previous month and 35.1 per cent in May 2023. On a month-on-month basis, it decreased to -2.8 per cent in May 2024 as compared to a decrease of 0.1 per cent in the previous month and an increase of 1.5 per cent in May 2023.
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CPI inflation Rural, increased to 8.2 per cent on year-on-year basis in May 2024 as compared to an increase of 14.5 per cent in the previous month and 42.2 per cent in May 2023. On month-on-month basis, it decreased to -3.9 per cent in May 2024 as compared to a decrease of 0.9 per cent in the previous month and an increase of 1.7 per cent in May 2023.
The Sensitive Price Index (SPI) inflation on YoY increased to 15.3 per cent in May 2024 as compared to an increase of 21.6 per cent a month earlier and 43 per cent in May 2023. On MoM basis, it decreased by 4 per cent in May 2024 as compared to a decrease of -0.7 per cent a month earlier and an increase of 1.3 per cent in May 2023.
The Wholesale Price Index (WPI) inflation on YoY basis increased to 9.9 per cent in May 2024 as compared to an increase of 13.9 per cent a month earlier and an increase of 32.8 per cent in May 2023. On MoM basis, it decreased by -2.5 per cent in May 2024 as compared to a decrease of 0.7 per cent in the previous month and an increase of one per cent in the corresponding month of last year i.e. May 2023.
Measured by non-food non-energy Urban increased to 12.3 per cent on YoY basis in May 2024 as compared to an increase of 13.1 per cent in the previous month and 20 per cent in May 2023.
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On MoM basis, it increased by 0.4 per cent in May 2024 as compared to an increase of 2.1 per cent in the previous month, and an increase of 1.2 per cent in the corresponding month of last year i.e. May 2023.
Measured by non-food non-energy Rural increased to 17 per cent on YoY basis in May 2024 as compared to an increase of 19.3 per cent in the previous month and 26.9 per cent in May 2023.
On MoM basis, it increased by 0.5 per cent in May 2024 as compared to an increase of two per cent in the previous month, and an increase of 2.5 per cent in the corresponding month of last year i.e. May 2023.
Measured by a 20 per cent weighted trimmed mean Urban increased to 11 per cent on a YoY basis in May 2024 as compared to 13.4 per cent in the previous month and 30.5 per cent in May 2023.
On a MoM basis, it decreased by -0.5 per cent in May 2024 as compared to an increase of 0.5 per cent in the previous month and an increase of 1.5 per cent in corresponding month of last year i.e. May 2023.
Measured by a 20 per cent weighted trimmed mean Rural increased to 10.6 per cent on a YoY basis in May 2024 as compared to 15 per cent in the previous month and 38.8 per cent in May 2023.
On a MoM basis, it decreased to -0.9 per cent in May 2024 as compared to an increase of 0.6 per cent in the previous month and an increase of 2.0 per cent in corresponding month of last year i.e. May 2023.
The National Consumer Price Index for May 2024 decreased to -3.24 per cent over April 2024 and increased to 11.76 per cent over the corresponding month of the last year i.e. May 2023.
The Urban Consumer Price Index for May 2024 decreased to -2.80 per cent over April 2024 and increased to 14.35 per cent over the corresponding month of the last year i.e. May 2023.
On a MoM basis, the top few commodities which varied from the previous month and increased in food include potatoes (14.73 per cent), meat (4.06 per cent), beans (3.91 per cent), eggs (1.60 per cent), vegetable ghee (1.27 per cent), cooking oil (1.26 per cent), maash (1.06 per cent), gram whole (0.63 per cent), milk fresh (0.60 per cent), sugar (0.59 per cent), pulse gram (0.51 per cent), sweetmeat (0.50 per cent), milk powder (0.47 per cent), honey (0.38 per cent), beverages (0.36 per cent), milk products (0.19 per cent), besan (0.17 per cent) and bakery and confectionary (0.16 per cent) and decreased in tomatoes (51.23 per cent), onions (51.15 per cent), chicken (35.28 per cent), wheat (22.17 per cent), wheat flour (20.12 per cent), fresh fruits (8.06 per cent), fresh vegetables (7.73 per cent), wheat products (4.12 per cent), masoor (2.51 per cent), condiments and spices (2.48 per cent), rice (2.42 per cent), readymade food (1.72 per cent), mustard oil (0.73 per cent), dry fruits (0.67 per cent), moong (0.50 per cent), fish (0.22 per cent), gur (0.05 per cent), and ice cream (0.02 per cent).
Among non-food items prices of which increased include; dental services (14.64 per cent), doctor (MBBS) clinic fee (5.48 per cent), transport services (3.35 per cent), hospital services (2.73 per cent), textbooks (2.33 per cent), medical tests (2.03 per cent), stationery (1.68 per cent), drugs and medicines (1.07 per cent), education (1.01 per cent), personal grooming services (0.60 per cent), hosiery (0.52 per cent) and accommodation services (0.51 per cent) and decreased in liquified hydrocarbons (9.45 per cent), electricity charges (4.50 per cent), motor fuel (3.18 per cent), communication apparatus (2.35 per cent), construction input items (0.53 per cent), solid fuel (0.40 per cent), motor vehicles (0.18 per cent), household equipment (0.14 per cent) and motor vehicle accessories (0.01 per cent).
On YoY basis, the top few commodities which varied from the corresponding month of the previous year i.e. May 2023 in food which increased include; onions (86.64 per cent), tomatoes (55.46 per cent), condiments and spices (39.17 per cent), beans (30.89 per cent), fish (29.64 per cent), fresh vegetables (29.26 per cent), beverages (23.55 per cent), dry fruits (22.57 per cent), pulse mash (22.19 per cent), meat (21.67 per cent), sugar (19.03 per cent), milk powder (19.00 per cent), gur (17.44 per cent), sweetmeat (16.30 per cent), masoor (14.82 per cent), milk products (12.18 per cent), bakery and confectionary (10.59 per cent) and milk fresh (9.23 per cent) and decreased in wheat (29.06 per cent), wheat flour (28.48 per cent), chicken (22.30 per cent), cooking oil (19.39 per cent), fresh fruits (18.20 per cent), vegetable ghee (16.51 per cent), mustard oil (15.14 per cent), eggs (8.50 per cent), tea (1.37 per cent) and gram whole (0.94 per cent).
Among non-food which increased include; gas charges (318.74 per cent), electricity charges (58.78 per cent), transport services (32.28 per cent) and cotton cloth (23.22 per cent) and decreased in liquefied hydrocarbons (11.18 per cent).
The Rural Consumer Price Index for May 2024 is decreased to -3.89 per cent over April 2024 and increased to 8.17 per cent over the corresponding month of the last year i.e. May 2023.
Reuters adds: Consumer price index (CPI) in May rose 11.8% from a year earlier, data from the Pakistan Bureau of Statistics showed on Monday, the lowest reading in 30 months and below the finance ministry’s projections.
The lowest reading comes a week before the central bank meets to review the key rate which has remained at a historic high of 22% for seven straight policy meetings.
Pakistan has been beset by inflation above 20% since May 2022. Last year in May, inflation jumped as high as 38% as the country navigated reforms as part of an International Monetary Fund bailout programme. However, inflation has since slowed down.
The actual readings have come in even lower due to a sharper dip in food prices, said Amreen Soorani, head of research at JS Global Capital.
Copyright Business Recorder, 2024