Pakistan’s monthly inflation fell to 20.68% in March 2024, a decline from February’s 23.06%. The figure is the lowest since May 2022, signaling a potential reduction in the key interest rate. The finance ministry projects further easing in April 2024, despite factors such as petrol price revisions and increased consumer demand during Ramadan.
Pakistan’s weekly inflation dropped to 20.68% on a month-on-month basis in March, the Pakistan Bureau of Statistics (PBS) said on Monday, lower than the reading in February when it stood at 23.06%.
This is the lowest inflation reading since May 2022 when it stood at 13.8%, according to the Pakistan Bureau of Statistics (PBS).
The CPI figure during the last nine months of the current fiscal year remained at 27.06.
The inflation reading is lower than the government’s expectations and adds credence to the wider impression that the key interest rate will now begin to reduce.
The finance ministry on Friday issued its monthly economic update for March, projecting that inflation in Pakistan is expected to hover around 22.5-23.5 percent and to further ease in April 2024.
According to the monthly Economic Update and Outlook, the March inflation is seen at a moderate level, despite the upward revision of petrol prices and the influence of Ramadan “which historically leads to bulk buying by consumers and stringing up the demand supply gap”.
In March 2024, Pakistan witnessed a significant decrease in monthly inflation, with the rate dropping to 20.68%. This positive development is a testament to the ongoing efforts by the government and policymakers to stabilize the economy and curb rising prices. The decline in inflation provides a glimmer of hope for consumers and businesses, offering relief from the prior financial strain. As we delve deeper into the factors contributing to this decline, it is evident that prudent fiscal measures and strategies have played a pivotal role in steering the economy towards a more sustainable path. While challenges undoubtedly persist, the recent data on monthly inflation warrants a cautious sense of optimism and serves as a motivation to continue working towards economic stability and resilience.
Source: ARY NEWS
In March 2024, Pakistan’s monthly inflation decreased to 20.68%, marking the lowest reading since May 2022. The CPI figure for the last nine months of the fiscal year remained at 27.06. This drop in inflation is below the government’s expectations, suggesting a potential reduction in the key interest rate. The finance ministry projects further easing of inflation in April 2024, despite factors such as the upward revision of petrol prices and the impact of Ramadan on consumer behavior.
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