CPI for July stands at 28.3%

August 01, 2023 (MLN): The consumer price index (CPI) for the month of July 2023 clocked in at 28.3% YoY, compared to 29.4% YoY in the last month and 24.9% YoY in July 2022., the latest data issued by the Pakistan Bureau of Statistics (PBS) on Tuesday showed.

On a sequential basis, the CPI has increased by 3.5% compared to the 0.3% MoM decrease in the month of June 2023.

The inflation numbers have exceeded market expectations wherein the market participants expected July inflation to settle around 25%-27% with an average estimate of around 26% YoY.

In July 2023, the Urban Consumer Price Index (CPI) inflation increased to 26.3% on a year-on-year basis, showing a slight improvement from the previous month's 27.3% and a rise from 23.6% in July 2022. On a month-on-month basis, it surged to 3.6% in July 2023, a notable difference from the 0.1% increase in the prior month and the 4.5% increase in July 2022.

Similarly, the Rural CPI inflation rose to 31.3% in July 2023 compared to the previous month's 32.4% and July 2022's 26.9%. Month-on-month, it grew by 3.3% in July 2023, contrasting with the 0.8% decrease in the previous month and the 4.2% increase in July 2022.

The Sensitive Price Index (SPI) inflation, on a year-on-year basis, increased to 29.3% in July 2023, down from 34.9% in the previous month and up from 28.2% in July 2022. On a month-on-month basis, it rose by 2.8% in July 2023, compared to the 0.2% increase in the prior month and the substantial 7.3% increase in July 2022.

Furthermore, the Wholesale Price Index (WPI) inflation on a year-on-year basis climbed to 23.1% in July 2023, up from the 22.4% increase a month earlier and a significant jump from the 38.5% surge in July 2022. On a month-on-month basis, it increased by 2.5% in July 2023, in contrast to the 0.3% decrease in the prior month and the 2.0% increase in July 2022.

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