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Pakistan’s inflation slows to 23.1% year-on-year in February, lowest since mid-2022

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KARACHI: Pakistan consumer price index for February was up 23.1% compared to the same month last year, marking the rate of annual inflation since June 2022, data from Pakistan Bureau of Statistics shown Friday.
The country is grappling with galloping inflation, which last May reached a historic high of 38% on an annual basis, partly due to new tax measures imposed by the government to comply. International Monetary Fund requests. Islamabad’s financing agreement with the IMF expires on April 11.
On a month-over-month basis, the February CPI was unchanged, having increased every month since the start of the fiscal year last July.
Pakistan’s Finance Ministry forecast in a monthly report released Thursday that inflation would hover around 24.5 to 25.5 percent in February, with expectations of a further decline to 23.5 to 24.5 percent in March. as the crop situation and supply of raw materials improves.
The annual CPI for January was 28.3%. The improvement recorded in February is partly explained by base effects.
In January, Pakistan’s central bank kept its benchmark interest rate at 22% for the fifth consecutive monetary policy meeting and raised its inflation projections for the full year.
The State Bank of Pakistan governor said raising his average inflation forecast for the fiscal year ending June to 23-25% from a previous forecast of 20-22 %, was due to the increase in gas and electricity prices.



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