Pakistan’s Inflation Breaks 47-Year Record in January 2023

Pakistan’s Consumer Price Index-based inflation increased to 27.6 percent on a year-on-year (YoY) basis in January 2023 as compared to an increase of 24.5 percent in the previous month and 13 percent in January 2022, according to the Pakistan Bureau of Statistics (PBS).

At 27.6 percent, this is the highest inflation reading recorded in Pakistan since May 1975. With food inflation at 43 percent, the impact of the rupee devaluation and petrol/electricity/gas is yet to be realized.

On a month-on-month (MoM) basis, it increased to 2.9 percent in January 2023 as compared to an increase of 0.5 percent in the previous month and an increase of 0.4 percent in January 2022. This takes 7MFY23 average inflation to 25.4 percent compared to 10.3 percent in 7MFY22.

CPI inflation Urban increased to 24.4 percent on a YoY basis in January 2023 as compared to an increase of 21.6 percent in the previous month and 13.0 percent in January 2022. On an MoM basis, it increased to 2.4 percent in January 2023 as compared to an increase of 0.3 percent in the previous month and an increase of 0.1 percent in January 2022.

CPI inflation Rural increased to 32.3 percent on a year-on-year basis in January 2023 as compared to an increase of 28.8 percent in the previous month and 12.9 percent in January 2022. On an MoM basis, it increased to 3.6 percent in January 2023 as compared to an increase of 0.7 percent in the previous month and an increase of 0.9 percent in January 2022.

SPI inflation on YoY basis increased to 30.5 percent in January 2023 as compared to an increase of 27.8 percent a month earlier and 20.9 percent in January 2022. On an MoM basis, it increased by 1.3 percent in January 2023 as compared to an increase of 0.2 percent a month earlier and a decrease of 0.8 percent in January 2022.

WPI inflation on YoY basis increased to 28.5 percent in January 2023 as compared to an increase of 27.1 percent a month earlier and an increase of 24.0 percent in January 2022. On an MoM basis, it increased by 1.8 percent in January 2023 as compared to a decrease of 0.7 percent a month earlier and an increase of 0.6 percent in the corresponding month of last year i.e. January 2022.

Core inflation (NFNE)

Measured by non-food non-energy (Urban), it increased to 15.4 percent on a YoY basis in January 2023 as compared to an increase of 14.7 percent in the previous month and 8.2 percent in January 2022. On an MoM basis, it increased by 1.4 percent in January 2023 as compared to an increase of 1.2 percent in the previous month, and an increase of 0.8 percent in the corresponding month of last year i.e. January 2022.

Measured by non-food non-energy Rural increased to 19.4 percent on a YoY basis in January 2023 as compared to an increase of 19.0 percent in the previous month and 9.0 percent in January 2022. On an MoM basis, it remained the same i.e. 1.5 percent in January 2023 as compared to the previous month, and an increase of 1.2 percent in the corresponding month of last year i.e. January 2022.

Core inflation (Trimmed)

Measured by 20 percent weighted trimmed mean Urban, it increased to 20.9 percent on a YoY basis in January 2023 as compared to 19.4 percent in the previous month and 10.6 percent in January 2022. On an MoM basis, it increased by 1.5 percent in January 2023 as compared to an increase of 0.8 percent in the previous month and an increase of 0.5 percent in the corresponding month of last year i.e. January 2022.

Measured by 20 percent weighted trimmed mean Rural, it increased to 27.8 percent on a YoY basis in January 2023 as compared to 26.4 percent in the previous month and by 10.9 percent in January 2022. On an MoM basis, it increased to 2.1 percent in January 2023 as compared to an increase of 1.5 percent in the previous month and an increase of 1.1 percent in the corresponding month of last year i.e. January 2022.

The National Consumer Price Index for January 2023 increased to 2.88 percent over December 2022 and increased to 27.55 percent over the corresponding month of the last year i.e. January 2022.

The Urban Consumer Price Index for January 2023 increased to 2.36 percent over December 2022 and increased to 24.38 percent over the corresponding month of the last year i.e. January 2022.

The Rural Consumer Price Index for January 2023 increased to 3.62 percent over December 2022 and increased to 32.26 percent over the corresponding month of the last year i.e. January 2022.

The Wholesale Price Index for January 2023 increased by 1.77 percent over December 2022. It increased to 28.53 percent over the corresponding month of the last year i.e. January 2022.



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