Pakistan December inflation up 29.7pc year-on-year

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Pakistan December inflation up 29.7pc year-on-year

The Pakistan Bureau of Statistics reported on Monday that the country’s consumer price index (CPI) for December was 29.7% higher than the same month last year.

The country of 241 million people had its worst inflation ever in 2023, and its currency fell to all-time lows until a $3 billion IMF bailout in July stopped a national default that was about to happen.

The monthly rate of inflation went up by 0.8% in December compared to the previous month.

Read more: Food and energy prices are making the cost-of-living problem worse, and weekly inflation hit over 43%.

Based on figures from one month to the next, Mohammed Sohail, CEO of Topline Securities, said that inflation in Pakistan was beginning to slow down. “With lower local oil prices we may see decline in the year-on-year inflation in January and February,” said Sohail.

Pakistan’s central bank governor said on Friday that the country’s inflation rate would drop to between 20% and 22% in the 2024 fiscal year. The governor said this in a report released a few weeks before a national election that is meant to help restore political and economic security.

Read more: The pay gap is growing at a scary rate: At least bank leaders are being watched.

Also in his report, bank head Jameel Ahmed said that the CPI rose to 29.2pc in 2023, which is close to the high end of the bank’s new projections.

He also said that the central bank would keep people’s views about inflation stable so that it could reach its medium-term goal of 5–7 percent.

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