Pakistan Inflation Eased to 6.5 percent in November

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Pakistan Inflation eased to 6.5 percent in November, after touching record four-year high last month at 6.78 per cent.

This information about inflation rate eased has been released by the Pakistan Bureau of Statistics (PBS) on Tuesday.

Inflation in the month of November was held back by slower than expected month-on-month increase in average prices of the essential items — especially a sharp decline in fresh vegetables and higher-than-expected drop in fresh fruits — at major urban centers.

The CPI increased 6.78 pc in October – 50-month highs — after clocking in at 5.12 pc in September. In the outgoing five months, CPI averaged at 6 pc compared to 3.59 pc during the same period last year.

Central bank’s tightening monetary policy has come on the back of rising inflation amidst depreciating rupee and high global crude prices during the last two years.

Policy rates are already at their six-year highs, after the State Bank of Pakistan raised the rate by 150 basis points to 10 pc in the last monetary policy announcement made on 30 Nov. The central bank has raised interest rates by 4.25 pc since January, 2018.

During the month under review, food inflation was up 1.8 pc on an annual basis but dipped 0.5 pc month-wise. Prices of nonperishable food items were up 1.23 pc while those of perishable products fell by 10.84 pc.

Food items whose prices increased the most in November include chicken up 15 pc, eggs 10 pc, potatoes 7 pc, pistachio 4 pc and fish rahu 4 pc.

In the same category, however, tomatoes dipped 44 pc, peas 42 pc, cauliflower 41 pc, turnip 38, radish 37pc, carrot 23pc, cucumber 22 pc, karaila 20 pc, brinjal 14 pc, malta 12 pc, chilies green 11 pc and guava 8 pc.

On the other hand, non-food inflation went up 9.8 pc and 0.5 pc on yearly and monthly basis respectively. In the non-food items, price of Dettol soap increased 8.5 pc, diesel 6 pc, sweater gents 6 pc and petrol 5.7 pc. In the same category, LPG prices dropped 7.64 pc.

The non-food prices also remained under pressure on account of 10 pc rise in education index, followed by 7.5 pc increase in clothing and footwear and 9.11 pc in housing, water, electricity, gas and other fuel during the period under review.

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