Inflation drops to 17.3 percent in April, lowest in two years
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The Consumer Price Index (CPI)-based inflation came down to 17.3 percent during April 2023 as compared to 20.7 percent recorded during March 2023, the Pakistan Bureau of Statistics (PBS) reported Thursday.
It is the lowest reading in nearly two years and below the finance ministry’s projections.
According to PBS data, the CPI-based inflation during the same month of last year was recorded at 36.4%. On a month-on-month (MoM) basis, it decreased to 0.4% in April 2024 as compared to an increase of 1.7 in the previous month and an increase of 2.4% in April 2023.
According to data, CPI inflation in urban areas increased to 19.4% on a year-on-year (YoY) 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 in rural areas increased to 14.5% on a year-on-year basis in April 2024 as compared to an increase of 19.0% in the previous month and 40.7% in April 2023. On a 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 3.0% in April 2023.
The Sensitive Price Indicator (SPI) inflation on YoY increased to 21.6% in April 2024 as compared to an increase of 25.9% a month earlier and 42.1% in April 2023. On an MoM basis, it decreased by 0.7% in April 2024 as compared to an increase of 2.1% a month earlier and an increase of 2.7% in April 2023.
The Wholesale Price Index (WPI) inflation on a YoY basis increased to 13.9% in April 2024 as compared to an increase of 14.8% a month earlier and an increase of 33.4% in April 2023. On an MoM basis, it decreased by 0.7% in April 2024 as compared to an increase of 1.3% in the previous month and an increase of 0.1% in the corresponding month of last year i.e. April 2023.
The urban core inflation, measured by non-food non-energy, increased to 13.1% on a YoY basis in April 2024 as compared to an increase of 12.8% in the previous month and 19.5% in April 2023. On an MoM basis, it increased by 2.1% in April 2024 as compared to an increase of 0.1% in the previous month, and an increase of 1.8% in the corresponding month of last year i.e. April 2023.
The rural core inflation, measured by non-food non-energy increased to 19.3% on a YoY basis in April 2024 as compared to an increase of 20.0% in the previous month and 24.9% in April 2023. On an MoM basis, it increased by 2.0% in April 2024 as compared to an increase of 0.8% in the previous month, and an increase of 2.7% in the corresponding month of last year i.e. April 2023.