Monthly inflation for January registered a 1.83% rise from the previous month
Pakistan’s Consumer Price Index (CPI) for January rose 28.3% from a year before, data from the Pakistan Bureau of Statistics showed on Thursday.
The is the last monthly CPI data before general elections due on Feb 8; and comes as Pakistan undertakes reforms linked to a $3 billion Standby Arrangement with the International Monetary Fund (IMF).
Monthly inflation for January registered a 1.83% rise from the previous month.
“Inflation in January is higher than earlier expectations mainly due to energy prices and food inflation. This was also one the reason given by central bank for not easing rates now,” said Mohammed Sohail, CEO of Topline Securities.
Pakistan’s central bank on Monday held its key rate at 22% for the fifth policy meeting in a row and increased its full-year inflation projections.
The governor of the State Bank of Pakistan said the decision was warranted due to “elevated” inflation – which was 29.7% in December.
He said a rise in the bank’s average inflation forecast for the fiscal year ending in June to 23-25%, from a previous projection of 20-22%, was due to rising gas and electricity prices.
Sohail and other analysts expect inflation to decline from March 2024.
Source : Zawya
