Price Index
The Pakistan Bureau of Statistics (PBS) released the latest data on Friday, showing that the Consumer Price Index (CPI) for August 2023 stood at 27.4% YoY, a slight decrease from the previous month’s 28.3% YoY and August 2022’s 27.3% YoY.
On a month-to-month basis, the CPI increased by 1.7% in August 2023, contrasting with the 3.5% increase in the previous month.
Market expectations were surpassed, as participants had anticipated August inflation to settle around 28% to 29.75%, with an average estimate of approximately 28.51% YoY.
In August 2023, the Urban Consumer Price Index (CPI) inflation reached 25% YoY, showing a minor improvement from the previous month’s 26.3% and August 2022’s 26.2%. On a month-to-month basis, it increased by 1.6% in August 2023, compared to a 3.6% increase in the previous month and a 2.6% increase in August 2022.
Similarly, Rural CPI inflation rose to 30.9% YoY in August 2023, compared to the previous month’s 31.3% and August 2022’s 28.8%. Month-on-month, it grew by 1.9% in August 2023, as compared to a 3.3% increase in the previous month and a 2.2% increase in August 2022.
On a year-on-year basis, the Sensitive Price Index (SPI) inflation increased to 27.9% in August 2023, down from 29.3% in the previous month and 34.0% in August 2022.
On a month-to-month basis, it rose by 4.1% in August 2023, compared to the 2.8% increase in the prior month and the substantial 5.2% increase in August 2022.
Furthermore, the Wholesale Price Index (WPI) inflation on a YoY basis climbed to 24.3% in August 2023, up from the 23.1% increase a month earlier and down from the 41.2% surge in August 2022.
On a month-to-month basis, it increased by 4.2% in August 2023, compared to the 2.5% increase in the prior month and the 3.1% increase in August 2022.
