CPI Inflation Falls to Near Three-Year Low in August
ISLAMABAD (APP) – Core inflation, as measured by the Consumer Price Index (CPI), slowed to 9.6% in August 2024, marking its lowest level in 34 months.
Data from the Pakistan Bureau of Statistics (PBS) shows that CPI inflation was 11.1% in July 2024, down from 27.4% in August 2023.
On a month-on-month basis, CPI inflation rose by 0.4% in August 2024, compared to a 2.1% increase in July and a 1.7% rise in August 2023.
Urban CPI inflation increased to 11.7% year-on-year in August 2024, compared to 13.2% in July and 25.0% in August 2023. Month-on-month, urban CPI inflation rose by 0.3% in August 2024, down from 2.0% in July and 1.6% in August 2023.
Rural CPI inflation reached 6.7% year-on-year in August 2024, down from 8.1% in July and 30.9% in August 2023. On a month-on-month basis, rural CPI inflation increased by 0.6% in August 2024, compared to a 2.2% rise in July and 1.9% in August 2023.
The Sensitive Price Indicator (SPI) inflation rose by 10.8% year-on-year in August 2024, compared to 15.7% the previous month and 27.9% in August 2023. Month-on-month, SPI inflation decreased by 0.3% in August 2024, down from a 2.0% increase in July and a 4.1% rise in August 2023.
Wholesale Price Index (WPI) inflation increased by 6.3% year-on-year in August 2024, compared to 10.4% in July and 24.3% in August 2023. On a month-on-month basis, WPI inflation rose by 0.3% in August 2024, compared to a 2.3% increase in July and a 4.2% rise in August 2023.
Core inflation, excluding food and energy, for urban areas, increased by 10.2% year-on-year in August 2024, compared to 11.7% in July and 18.4% in August 2023. On a month-on-month basis, this core inflation rose by 0.4% in August 2024, down from a 0.7% increase in July and a 1.8% rise in August 2023.
For rural areas, core inflation excluding food and energy reached 14.4% year-on-year in August 2024, down from 16.9% in July and 25.9% in August 2023. Month-on-month, rural core inflation increased by 0.6% in August 2024, compared to a 1.1% rise in July and a 2.8% increase in August 2023.
