CPI for August stands at 27.4% YoY

September 01, 2023 (MLN): The consumer price index (CPI) for the month of August 2023 clocked in at 27.4% YoY, compared to 28.3% YoY in the last month and 27.3% YoY in August 2022, the latest data issued by the Pakistan Bureau of Statistics (PBS) on Friday showed.

On a sequential basis, the CPI has increased to 1.7% compared to an increase of 3.5% in the previous month.

The inflation numbers have exceeded market expectations wherein the market participants expected August inflation to settle around 28% – 29.75% with an average estimate of around 28.51% YoY.

In August 2023, the Urban Consumer Price Index (CPI) inflation increased to 25% on a year-on-year basis, showing a slight improvement from the previous month's 26.3% and 26.2% in August 2022.

On a month-on-month basis, it increased to 1.6% in August 2023 as compared to an increase of 3.6% in the previous month and an increase of 2.6% in August 2022.

Similarly, the Rural CPI inflation rose to 30.9% YoY in August 2023 compared to the previous month's 31.3% and August 2022's 28.8%. Month-on-month, it grew by 1.9% in August 2023, as compared to an increase of 3.3% in the previous month and an increase of 2.2% in August 2022.

The Sensitive Price Index (SPI) inflation, on a year-on-year basis, increased to 27.9% in August 2023, down from 29.3% in the previous month and 34.0% in August 2022.

On a month-on-month basis, it rose by 4.1% in August 2023, compared to the 2.8% increase in the prior month and the substantial 5.2% increase in August 2022.

Furthermore, the Wholesale Price Index (WPI) inflation on a YoY basis climbed to 24.3% in August 2023, up from the 23.1% increase a month earlier and down from the 41.2% surge in August 2022. On a month-on-month basis, it increased by 4.2% in August 2023, compared to the 2.5% increase in the prior month and the 3.1% increase in August 2022.

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