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Pakistan’s inflation clocked in at 26.9% on a year-on-year basis in October, the Pakistan Bureau of Statistics (PBS) said on Wednesday.
On a month-on-month basis, the CPI inflation increased by 1.08pc in October.
This takes July-October’s average inflation to 28.48% compared to 25.48% in same period last year.
According to the PBS data, urban and rural inflation increased 1.07pc and 1.01pc MoM, respectively.
The figures contradict the finance ministry’s claim in the Monthly Economic Update and Outlook for October that inflation was likely to reduce.
Earlier, the Ministry of Finance in its latest ‘Monthly Economic Update and Outlook’ report, projected Consumer Price Index (CPI)-based inflation in Pakistan for October at 27%-29%.
The finance ministry anticipated inflation will be lower contained compared to the elevated levels observed in the first quarter of FY2024.
The PBS said CPI inflation Urban increased to 25.5% on year-on-year basis in October 2023 as compared to an increase of 29.7% in the previous month and 24.6% in October 2022.
On month-on-month basis, it increased to 1.1% in October 2023 as compared to an increase of 1.7% in the previous month and an increase of 4.5% in October 2022.
CPI inflation Rural increased to 28.9% on year-on-year basis in October 2023 as compared to an increase of 33.9% in the previous month and 29.5% in October 2022.
On month-on-month basis, it increased to 1.1% in October 2023 as compared to an increase of 2.5% in the previous month and an increase of 5.0% in October 2022.
