Pakistan Consumer Price Index (CPI) based inflation slowed to 4.9 percent year-on-year in November 2024, down from 7.2 percent in the previous month and 29.2 percent in November 2023, according to the Pakistan Bureau of Statistics (PBS). This marks the lowest reading in 78 months (6.5 years), as noted by Topline Securities.
CPI inflation for urban areas decreased to 5.2 percent year-on-year in November 2024, from 9.3 percent in October and 30.4 percent in November 2023. On a month-on-month basis, urban CPI increased by 0.5 percent in November 2024, compared to a 1.1 percent rise in October and a 4.3 percent rise in November 2023.
Rural CPI inflation increased to 4.3 percent year-on-year in November 2024, up slightly from 4.2 percent in the previous month, but significantly lower than the 27.5 percent recorded in November 2023. Month-on-month, rural CPI also rose by 0.5 percent in November 2024, compared to a 1.5 percent increase in October and a 0.4 percent rise in November 2023.
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SPI inflation year-on-year fell to 7.3 percent in November 2024, down from 9.7 percent a month earlier and 30.6 percent in November 2023. Month-on-month, SPI increased by 1.0 percent in November 2024, compared to a 0.6 percent rise in October and a 3.3 percent increase in November 2023.
WPI inflation year-on-year decreased to 2.3 percent in November 2024, from 3.9 percent a month earlier and 26.4 percent in November 2023. Month-on-month, WPI fell by 0.1 percent in November 2024, compared to no change in October and a 1.4 percent increase in November 2023.
Core inflation, excluding food and energy, saw mixed changes. Urban core inflation rose to 8.9 percent year-on-year in November 2024, up from 8.6 percent in the previous month but down from 18.6 percent in November 2023. Month-on-month, urban core inflation increased by 1.2 percent in November 2024, compared to a 0.6 percent rise in October and a 0.9 percent rise in November 2023.
Rural core inflation decreased to 10.9 percent year-on-year in November 2024, down from 11.7 percent in October and 25.9 percent in November 2023. Month-on-month, rural core inflation remained unchanged at 0.7 percent in November 2024, similar to October, but lower than the 1.4 percent rise in November 2023.
Core inflation measured by the 20 percent weighted trimmed mean showed urban inflation at 7.5 percent year-on-year in November 2024, up from 6.4 percent in October but lower than 22.9 percent in November 2023. Month-on-month, it rose by 0.6 percent in November 2024, compared to a 0.7 percent rise in October and a 0.1 percent rise in November 2023. For rural areas, it was 7.8 percent year-on-year, up from 7.2 percent in October but lower than 27.9 percent in November 2023. Month-on-month, it increased by 0.5 percent in November 2024, similar to the previous month.