Inflation cools to 23.8pc in Nov

The Nation  |  Dec 02, 2022

 Inflation cools to 23.8pc in Nov
ISLAMABAD-Inflation rate has eased to 23.8 percent in November mainly due to smooth domestic supplies, unchanged energy prices in November and a stable exchange rate.

Inflation measured through consumer price indicator (CPI) has eased to 23.8 percent in November after increasing to 26.6 percent in October. On month on month basis, it has increased to 0.8 percent in November 2022 as compared to an increase of 4.7 percent in the previous month (October), according to the latest data of Pakistan Bureau of Statistics (PBS).

The CPI inflation Urban increased by 21.6 percent on a year-on-year basis in November 2022. Meanwhile the CPI inflation for Rural has enhanced by 27.2 percent. The Sensitive Price Index (SPI), which gauges rates of kitchen items on a weekly basis, increased by 28.3 percent. On a monthly basis, Wholesale Price Index (WPI) inflation on YoY basis increased by 35.59 percent in November 2022.

The ministry of finance had projected in its monthly report that inflation on annual basis will marginally decline in the month of November and may remain in the range of 23-25 percent. It noted that inflationary pressure is expected to marginally ease out MoM due to smooth domestic supplies, unchanged energy prices in November and a stable exchange rate. Further, the recent PM Package for agriculture has made an optimistic crop outlook which will decelerate food inflation in the months ahead. Moreover, the food supply chain disruption caused by flash floods is also settling down which has smoothened the food and other related markets. Thus, food inflation is also expected to remain on the lower side because the administered prices are maintained restricting the pass-through of energyled inflation. “Though international commodity prices are showing an upward trend on YoY basis and being net importer, we are affected by it. However, the stable exchange rate, government’s administrative, policy and relief measures are providing cushion to absorb its impact”, it added.

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The break-up of inflation of 26.56 percent showed that food and non-alcoholic beverages prices increased by 23.84 percent last month. Similarly, health and education charges went up by 17.1 percent and 11.07 percent, respectively. Similarly, prices of utilities (housing, water, electricity, gas and fuel) increased by 9.89 percent in the last month. Meanwhile, the prices of alcoholic beverages and tobacco went up by around 35.90 percent. Prices of clothing and footwear increased by 18.58 percent and furnishing and household equipment maintenance charges 29.10 percent. Recreational charges and those related to culture went up by 25.55 percent in the period under review, while amounts charged by restaurants and hotels by 28.37 percent in November 2022 as compared to the same month last year.

In urban areas, the food items which saw their prices increased during November 2022 included onions (34.42 percent), tea (14.79 percent), potatoes (14.57 percent), dry fruits (12.79 percent), fish (7.01 percent), pan prepared (6.48 percent), eggs (5.34 percent), butter (4.96 percent), sugar (3.67 percent), milk powder (2.97 percent), wheat products (2.15 percent), bakery and confectionery (2.11 percent), readymade food (1.4 percent) and sweetmeat (1.36 percent). In non-food commodities, prices of following commodities enhanced including woolen readymade garments (12.71 percent), solid fuel (5.87 percent), household textiles (5.53 percent), and Washing Soap/ Detergents/ Match Box (3.63 percent).

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In urban areas, prices of following items were reduced including fresh vegetables (26.42 percent), pulse masoor (11.17 percent), tomatoes (9.56 percent), pulse gram (5.51 percent), chicken (5.08 percent), pulse mash (4.26 percent), besan (3.5 percent), pulse moong (3.05 percent) and gram whole (2.01 percent). In rural areas, prices of following commodities increased including onions (29.22 percent), dry fruits (16.61 percent), tea (10.42 percent), potatoes (5.72 percent), condiments and spices (5.68 percent), milk products (5.04 percent), milk fresh (4.16 percent), sugar (3.75 percent), wheat products (3.57 percent), fish (3.52 percent), Nimco (3.35 percent), butter (3.19 percent), milk powder (2.81 percent), eggs (2.8 percent), pan prepared (2.56 percent), sweetmeat (2.15 percent) and fresh fruits (2.14 percent).

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