Headline Inflation in June
ISLAMABAD: The headline inflation remained lower in June this year in comparison with May 2023.
According to the Pakistan Bureau of Statistics (PBS), the consumer price index in June 2023 clocked in at 29.4% YoY, as against 38% (YoY) in the last month. In June 2022, the inflation stood at 21.3% YoY.
The Pakistan Bureau of Statistics released the latest data of inflation on Monday.
As per the PBS data, on a sequential basis, inflation has increased by 0.3% MoM.
This has brought 11MFY23 average inflation to 29.18% in comparison with 12.15%in the corresponding period last year.
Urban and rural inflation
Meanwhile, the CPI in urban areas jumped to 27.3% on a year-on-year basis in June 2023 as compared to an increase of 35.1% in the previous month and 19.8% in June 2022.
Nevertheless, on a monthly basis, it edged up by 0.1% in June 2023 as against 1.5% in the previous month and an increase of 6.6% in June 2022.
The prices in the rural areas, however, also witnessed an uptick as CPI inflation in these areas rose to 32.4% YoY in June 2023 as compared to an increase of 42.2% in the previous month and 23.6% in June 2022.
On a month-on-month basis, it decreased to 0.8% in June 2023 as compared to an increase of 1.7% in April 2023 and an increase of 6.6% in June 2022.
Shares in stock market hit upper lock after IMF deal
Shares listed at the Pakistan Stock Exchange hit the upper locks on Monday morning in reaction to the signing of the deal with the IMF.
Monday is the first working day after the government and the IMF signed the staff-level agreement for a $3 billion loan facility.
Before the opening of the stock market, analysts predicted a rapid boom in the market.
A screenshot of trading at the stock market on Monday as shares hit upper locks.
On Monday morning, the Pakistan Stock Exchange authorities suspended the trading after shares hit the upper locks within an hour. Five percent increase in the value of shares is the maximum limit for a day.
Hence, when the shares hit the upper locks soon after the opening of trading at the PSX, the management of the exchange suspended the trading.
The KSE-100 index of the PSX gained 2,230 points at morning, reaching 43,683.78 points. However, when the PSX management suspended trading, the KSE-100 index gained 1986 points.
