Business
Pakistan Inflation Rate Slows to 11.8% in May 2024
Pakistan inflation rate has slowed to 11.8% on a year-on-year basis in May 2024, according to the Pakistan Bureau of Statistics (PBS).
This marks the lowest inflation rate since November 2021, with a significant decrease from 17.3% in the previous month and 38% in May 2023.
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The CPI inflation rate has also decreased on a month-on-month basis, with a decline of 3.2% in May 2024 compared to a decrease of 0.4% in the previous month.
Urban and rural areas have also seen a decrease in inflation rates, with CPI inflation Urban decreasing to 14.3% and CPI inflation Rural decreasing to 8.2% on a year-on-year basis.
The decrease in inflation rates is attributed to a decline in food and energy prices, with core inflation (non-food non-energy) also seeing a slowdown.
The trimmed mean core inflation, which excludes volatile food and energy prices, has also decreased to 11.0% in urban areas and 10.6% in rural areas.
This significant decrease in inflation rates is a positive sign for the economy, indicating a slowdown in price increases and a potential improvement in purchasing power.
However, experts caution that the inflation rate is still relatively high and may impact the economy and consumers.
