Inflation hits 24.5pc in December

The inflation, measured by Consumer Price Index (CPI), rose to 24.5pc in December 2022 December on a year-on-year (YoY) basis, the Pakistan Bureau of Statistics (PBS).

The data showed that on a month-over-month (MoM) basis, inflation rose to 0.5% in December 2022 from a rise of 0.8% the month before.

“CPI inflation General, increased to 24.5% on YoY basis in Dec 2022 as compared to an increase of 23.8% in the previous month and 12.3% in Dec 2021,” said the PBS.

According to a press statement from the bureau, prices increased 0.5% from November to December.

Despite a 2.8% slowdown in index movement, most consumer products continue to be outside of most people's cost range.

The inflation rate met expectations made by the Ministry of Finance, which ranged from 23% to 25%.

According to PBS, CPI inflation in urban areas rose to 21.6% on an annual basis in December 2022 from 21.6% the month before and 12.7% in December 2021.

On MoM basis, it increased to 0.3% in December 2022 as compared to an increase of 0.4% in the previous month and an increase of 0.3% in December 2021.