CPI clocks in at 28.34% for January

February 01, 2024 (MLN): The consumer price index (CPI) for the month of January 2024 clocked in at 28.34% YoY, compared to 29.7% YoY in the last month and 27.6% YoY in January 2023, the latest data issued by the Pakistan Bureau of Statistics (PBS) on Thursday showed.

On a sequential basis, the CPI has increased by 1.83% compared to an increase of 0.8% in the previous month, and an increase of 2.9% in January 2023.

The inflation figures came in hotter than MG Research's estimate of 27.2% YoY.

Accordingly, this takes the average yearly inflation of 7MFY24 to 28.7% YoY compared to 25.4% YoY in 7MFY23.

In January 2024, the Urban Consumer Price Index (CPI) inflation increased to 30.2% on a YoY basis as compared to an increase of 30.9% in the previous month and 24.4% in January 2023.

Similarly, it increased to 1.8% MoM in January 2024 as compared to an increase of 0.7% in the previous month and an increase of 2.4% in January 2023.

Meanwhile, the Rural CPI inflation rose to 25.7% YoY in January 2024 as compared to an increase of 27.9% in the previous month and 32.3% in January 2023.

On a month-on-month basis, it increased to 1.9% in January 2024 as compared to an increase of 1.0% in the previous month and an increase of 3.6% in January 2023.

The Sensitive Price Index (SPI) inflation on a YoY basis, increased to 36.2% in January 2024 as compared to an increase of 35.3% a month earlier and 30.5% in January 2023.

On an MoM basis, it increased by 2% in January 2024 as compared to an increase of 3.8% a month earlier and an increase of 1.3% in January 2023.

Furthermore, the Wholesale Price Index (WPI) inflation on a YoY basis increased to 27% in January 2024 as compared to an increase of 27.3% a month earlier and an increase of 28.5% in January 2023.

On a sequential basis, it increased by 1.5% in January 2024 as no change was observed a month earlier and an increase of 1.8% in the corresponding month of last year i.e. January 2023.

With the CPI-based inflation rate at 28.34% and the policy rate at 22%, the real interest now stands at -6.34%.

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