Consumer Price Index (CPI)-based inflation recorded at 23.8% in November 2022 on a year-on-year (YoY) basis. On a month-on-month basis, it increased to 0.8% in November 2022 as compared to an increase of 4.7% in the previous month, showed data released by the Pakistan Bureau of Statistics (PBS) on Thursday.
“CPI inflation General, increased to 23.8% on year-on-year basis in Nov 2022 as compared to an increase of 26.6% in the previous month and 11.5% in Nov 2021,” said the PBS.
“This raises the average inflation rate for 5MFY23 to 25.14% from 9.32% in 5MFY22,” said Arif Habib Limited (AHL) in a note.
Inflation reached a year-over-year (YoY) high of 27.3% in August 2022, which was over a 47-year high in the inflation measurement in June 2022 after it had crossed the 20% threshold.
The inflation reading matches what the market had predicted.
The Ministry of Finance previously stated that Pakistan’s November CPI is anticipated to decline slightly and may stay in the range of 23% to 25% in its monthly outlook for the month of October.
As per PBS, CPI inflation in urban areas increased to 21.6% on year-on-year basis in November 2022 as compared to an increase of 24.6% in the previous month and 12% in November 2021.
On month-on-month basis, it increased to 0.4% in November 2022 as compared to an increase of 4.5% in the previous month and an increase of 2.9% in November 2021.
Moreover, CPI inflation in rural areas increased to 27.2% on year-on-year basis in November 2022 as compared to an increase of 29.5% in the previous month and 10.9% in November 2021.
On month-on-month basis, it increased to 1.3% in November 2022 as compared to an increase of 5% in the previous month and an increase of 3.1% in November 2021.
