ISLAMABAD: Pakistan’s weekly inflation dropped to 20.68 percent on a month-on-month (MoM) basis in March, the Pakistan Bureau of Statistics (PBS) said on Monday, lower than the reading in February when it stood at 23.06 percent.
This is the lowest inflation reading since May 2022 when it stood at 13.8 percent, according to the Pakistan Bureau of Statistics.
The CPI figure during the last 9 months of the current financial year remained at 27.06.
Inflation Reading Lower Than Government’s Expectations
The inflation reading is lower than the government’s expectations and added credence to the wider impression that the key interest rate will now start to reduce.
The finance ministry on Friday issued its monthly economic update for March 2024, projecting that inflation in Pakistan is likely to hover around 22.5-23.5% and to further ease in April.
According to the monthly Economic Update and Outlook, Pakistan’s March inflation is considered at a moderate level, despite the upward revision of petrol prices and the influence of the holy month of Ramadan which historically leads to bulk buying by consumers and stringing up the demand supply gap.
