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.
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%.
