Pakistan’s headline inflation hit a two-year low at 17.3% in April, according to the Pakistan Bureau of Statistics. The Finance Division projects a further decrease to 17.5-18.5% in May 2024. Urban and rural inflation declined compared to the previous year and month. The government aims to actively reduce inflation through administrative measures.
ISLAMABAD: Pakistan’s headline inflation clocked in at 17.3% on a year-on-year basis in April, the Pakistan Bureau of Statistics (PBS) said on Thursday.
“This is the lowest reading in the last 23 months (after May 2022),” said Mohammed Sohail, CEO Topline Securities, in a note.
In its monthly report, the ministry said the inflation outlook for April 2024 maintains a downward trajectory, attributed to the favorable base effect from the previous year and improvements in the domestic supply chain of essential items.
As per the Finance Division, the inflation outlook “appears moderate as the government is determined to reduce inflation by actively taking strict administrative measures”.
“Inflation is projected to hover around 18.5- 19.5% in April 2024. However, there are expectations of a gradual easing further to 17.5-18.5% in May 2024.”
Urban, rural inflation
The PBS said CPI inflation urban increased to 19.4% on year-on-year basis in April 2024 as compared to an increase of 21.9% in the previous month and 33.5% in April 2023.
On a month-on-month basis, it decreased to 0.1% in April 2024 as compared to an increase of 1.4% in the previous month and an increase of 2.0% in April 2023.
CPI inflation rural stood at 14.5% on year-on-year basis in April 2024 as compared to an increase of 19% in the previous month and 40.7% in April 2023.
On month-on-month basis, it decreased to 0.9% in April 2024 as compared to an increase of 2.1% in the previous month and an increase of 3% in April 2023.
Pakistan’s economic landscape has taken a positive turn as the country’s inflation rates have dropped to the lowest level in two years. This significant development reflects the resilience and stability of the economy, offering relief to both businesses and consumers. The government’s proactive measures and prudent financial policies have played a pivotal role in achieving this milestone. This decline in inflation is poised to have far-reaching impacts, boosting consumer confidence and fostering a favorable environment for investment. As the country embraces this positive momentum, it sets the stage for sustained economic growth and prosperity.
Source: ARY NEWS
Pakistan’s inflation dropped to a 23-month low of 17.3% in April 2024, attributed to improvements in the domestic supply chain and favorable base effect. The government aims to reduce inflation through strict administrative measures, projecting a gradual easing to 17.5-18.5% in May 2024. Urban CPI inflation decreased to 19.4% year-on-year, while rural CPI inflation stood at 14.5%. This positive trend reflects a promising outlook for Pakistan’s inflation in the coming months.
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