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The Consumer Price Index (CPI) inflation in Pakistan fell to 4.9% year-on-year in November 2024, marking a significant drop compared to 7.2% in October and a staggering 29.2% in November 2023, as reported by the Pakistan Bureau of Statistics (PBS).
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Urban and Rural Inflation Trends
Urban CPI inflation declined to 5.2% year-on-year in November, down from 9.3% in October and 30.4% in the same month last year. However, on a month-on-month basis, urban inflation rose slightly by 0.5%, compared to 1.1% in October and 4.3% in November 2023.
In rural areas, CPI inflation recorded a slight year-on-year increase to 4.3% in November 2024 from 4.2% in October but was much lower than the 27.5% reported in November 2023. Month-on-month rural inflation increased by 0.5% in November 2024, compared to 1.5% in the previous month and 0.4% in the corresponding month of last year.
Other Key Inflation Indicators
The Sensitive Price Indicator (SPI) dropped to 7.3% year-on-year in November 2024, down from 9.7% in October and 30.6% in November 2023. Month-on-month, it increased by 1.0% compared to 0.6% in October and 3.3% last November.
The Wholesale Price Index (WPI) inflation also saw a decline, settling at 2.3% year-on-year in November 2024, down from 3.9% in October and 26.4% in November 2023. On a month-on-month basis, WPI inflation decreased by 0.1% in November after showing no change in October and a 1.4% increase in November last year.
Core Inflation (Non-Food, Non-Energy)
Core inflation in urban areas rose to 8.9% year-on-year in November 2024, compared to 8.6% in October and 18.6% in November 2023. On a month-on-month basis, it increased by 1.2%, higher than the 0.6% rise in October and 0.9% in November last year.
In rural regions, core inflation dropped to 10.9% year-on-year in November 2024 from 11.7% in October and 25.9% in November 2023. Month-on-month, rural core inflation remained steady at 0.7%, the same as October, but lower than the 1.4% recorded in November last year.
Trimmed Core Inflation
Using a 20% trimmed mean measure, urban core inflation rose to 7.5% year-on-year in November 2024, up from 6.4% in October but significantly lower than 22.9% in November 2023. Month-on-month, it edged up by 0.6%, compared to a 0.7% increase in October and 0.1% in November last year.
In rural areas, the trimmed core inflation climbed to 7.8% year-on-year in November 2024, compared to 7.2% in October and 27.9% in November 2023. On a month-on-month basis, it rose by 0.5%, down from a 1.0% increase in October and equal to the 0.5% rise in November last year.
According to Topline Securities, the current CPI reading is the lowest observed in 6.5 years.