December 29, 2023 (MLN): Pakistan's inflation likely cooled slightly in December on lower retail gasoline and food prices with the Consumer Price Index (CPI) gains expected to decelerate to 28.7% YoY from 29.2% in November, Bloomberg reported.

Looking further ahead, Bloomberg sees inflation falling in 2024 on an increase in food supplies, lower global commodities prices, and a higher base.

For the fiscal year through June 2024, it sees inflation averaging 24%, down from 29% in fiscal 2023.

For December's inflation, based on weekly available data, Bloomberg expects food prices to decline by 0.2% month on month following an increase of 1% in November.

The government cut retail gasoline prices by Rs14 to Rs267.3 per liter in December to pass on the benefits of lower global crude oil prices to consumers, it said.

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Posted on: 2023-12-29T09:39:47+05:00