Pakistan According to data released on Friday by the Pakistan Bureau of Statistics (PBS), Pakistan’s annual consumer price index inflation rate was 7.2% in October, up from 6.9% in September.
In anticipation of a meeting of the State Bank of Pakistan (SBP)’s Monetary Policy Committee next week to review the policy rate, which currently stands at 17.5 percent, the reading confirmed months of easing inflation, which reached a historic high of 38 percent in the previous year and was at 26.8 percent in October 2023.
In order to achieve the objective of bringing inflation down to the medium-term target of 5 to 7 percentage points in September 2025 and ensuring macroeconomic stability, the SBP had delayed aggressive monetary easing.
According to a poll conducted by Reuters, the central bank is expected to further reduce its key interest rate at its meeting on Monday. As inflation eases, policymakers will continue their efforts to revive a fragile economy.
According to PBS, the reading in October was up 1.2 percentage points month-over-month (MoM). Additionally, the fiscal year’s average inflation from July to October was 8.7 percentage points, which was lower than the 9.5 percentage points that the International Monetary Fund (IMF) predicted.
Urban: Year over year:
The following food items saw an increase in price: Pulse Moong (21.63 percent), Pulse Gram (72.37 percent), Besan (53.55 percent), Onions (38.13 percent), Fish (33.06 percent), Chicken (26.83 percent), and Fresh Vegetables (23.86 percent).
Prices for non-food items that went up: Motor Vehicle Tax (168.79 percent), Dental Services (29.23 percent), Woolen and Readymade Garments (20.49 percent), and Gas Charges (318.74 percent).
Rural:
The following food items saw an increase in price: Onions (53.76 percent), Besan (48.25 percent), Pulse Moong (26.24 percent), Milk Powder (26.06 percent), and Fish (24.25 percent) account for 63.11 percent.
Items other than food that increased: Tax on Motor Vehicles (126.61 percent), Wool Readymade Garments (36.50 percent), Education (22.96 percent), Communication Services (18.70 percent), and Cotton Cloth (18.65 percent)
Urban from month to month:
The following food items saw an increase in price: Prices of fresh vegetables increased by 12.90 percent, onions by 7.64 percent, wheat by 5.96 percent, pulse grains by 5.73 percent, fish by 5.54 percent, and condiments and spices by 5.50 percent. Water Supply (8.65 percent), Electricity Fees (5.02 percent), Domestic Textiles (3.91 percent), Domestic Equipment (2.59 percent), and Mechanical Services (2.06 percent)
Prices for rural food items increased, including: Fresh Vegetables (21.32 percent), Onions (8.56 percent), Fish (7.35 percent), Pulse Gram (6.88 percent), Besan (5.42 percent), and Seasonings and Spices (5.29 percent) make up the remainder.
Items other than food that increased: Personal Effects (4.09 percent), Electricity Charges (5.02 percent), Dental Services (6.09 percent), Hospital Services (1.51 percent), and Recreation and Culture (1.43 percent)
