CPI slows to 22-month low of 20.7% in March
MG News | April 01, 2024 at 02:08 PM GMT+05:00
March 31, 2024 (MLN): The consumer price index (CPI) for March 2024 clocked in at 20.7% YoY, compared to 23.1% YoY in the last month and 35.4% YoY in March 2023, the latest data issued by the Pakistan Bureau of Statistics (PBS) on Monday showed.
On a monthly basis, CPI rose 1.7% in March 2024 as compared to an increase of 0.03% in the previous month and an increase of 3.7% in March 2023.
The inflation figures came in hotter than the market's expectations.
Accordingly, this takes the average yearly inflation of 9MFY24 to 27.2% YoY, same as the figures from same period last year.

The average core inflation, measured by non-food non-energy, rose 15.7% YoY in March 2024 as compared to an increase of 18.0% YoY in the previous month and an increase of 20.4% YoY in March 2023.
On a monthly basis, average core CPI increased 0.4% in March 2024 as compared to an increase of 0.3% in the previous month and an increase of 2.5% in March 2023.
| Metric | Mar-24 | Feb-24 | Mar-23 | 9MFY24 | 9MFY23 |
|---|---|---|---|---|---|
| CPI MoM | 1.7% | 0.0% | 3.7% | 1.7% | 2.5% |
| CPI YoY | 20.7% | 23.1% | 35.4% | 27.2% | 27.2% |
| Core CPI MoM | 0.4% | 0.3% | 2.5% | 1.1% | 1.6% |
| Core CPI YoY | 15.7% | 18.0% | 20.4% | 20.3% | 16.5% |
The monthly increase of 1.7% as compared to the last 12-month average of 1.75% was largely driven by the food index, which rose 2.91% MoM due to Ramadan.
Moreover, the house index rose 1.50% MoM amid an increase in electricity charges and LPG prices.
With the CPI-based inflation rate at 20.7% and the policy rate at 22.0%, the real interest rate has turned positive after more than three years, standing at 1.3%.

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