CPI inflation dips to nearly three-year low in August
Business
It was recorded at 9.6 percent in August 2024 down from 11.1pc in July 2024
ISLAMABAD (APP) - The core inflation measured by Consumer Price Index (CPI) decelerated further to 9.6 percent during August 2024 to hit the 34-month low level.
The Pakistan Bureau of Statistics (PBS) data shows the CPI inflation was recorded at 11.1 percent in July 2024. However, during the same month last year (August 2023), it was recorded at 27.4%.
On a month-on-month basis, it increased to 0.4% in August 2024 compared to an increase of 2.1% in the previous month and an increase of 1.7% in August 2023.
According to data, the CPI inflation urban increased to 11.7% on a year-on-year basis in August 2024 as compared to an increase of 13.2% in the previous month and 25.0% in August 2023. On a month-on-month basis, it increased to 0.3% in August 2024 compared to an increase of 2.0% in the previous month and an increase of 1.6% in August 2023.
CPI inflation rural, increased to 6.7% on year-on-year (YoY) basis in August 2024 as compared to an increase of 8.1% in the previous month and 30.9% in August 2023. On a month-on-month (MoM) basis, it increased to 0.6% in August 2024 as compared to an increase of 2.2% in the previous month and an increase of 1.9% in August 2023.
The Sensitive Price Indicator (SPI) inflation on YoY increased to 10.8% in August 2024 as compared to an increase of 15.7% a month earlier and 27.9% in August 2023. On MoM basis, it decreased to 0.3% in August 2024 as compared to an increase of 2.0% a month earlier and an increase of 4.1% in August 2023.
The Wholesale Price Index (WPI) inflation on YoY basis increased to 6.3% in August 2024 as compared to an increase of 10.4% a month earlier and an increase of 24.3% in August 2023. On MoM basis, it increased by 0.3% in August 2024 as compared to an increase of 2.3% in the previous month and an increase of 4.2% in corresponding month of last year i.e. August 2023.
The core inflation, measured by non-food, non-energy for Urban increased to 10.2% on (YoY) basis in August 2024 as compared to an increase of 11.7% in the previous month and 18.4% in August 2023. On (MoM) basis, it increased by 0.4% in August 2024 as compared to an increase of 0.7% in the previous month and an increase of 1.8% in corresponding month of last year i.e. August, 2023.
The core inflation measured by non-food, non-energy Rural increased to 14.4% on (YoY) basis in August 2024 as compared to an increase of 16.9% in the previous month and 25.9% in August 2023. On (MoM) basis, it increased by 0.6% in August 2024 as compared to an increase of 1.1% in the previous month and an increase of 2.8% in the corresponding month of last year i.e. August 2023.
