November saw the lowest inflation in Pakistan in 6.5 years.

Pakistan’s inflation eased to 4.9 percent in November, which is the lowest in the last six and a half years.

Inflation measured by the consumer price indicator (CPI) has recorded at 4.9 percent in November this year over the corresponding period of the last year from 7.2 percent in October this year, according to the latest data of Pakistan Bureau of Statistics (PBS). For the fiscal year 2024-25, the federal government has set an inflation rate target at 12 percent.

According to the latest data from PBS, the inflation on a monthly basis increased by 0.5 percent in November 2024 as compared to an increase of 1.2 in the previous month (October) and an increase of 2.7 percent in November 2023. The CPI inflation Urban remained at 5.2 percent on a year-on-year basis in November 2024. Meanwhile, the CPI inflation for rural has enhanced by 4.3 percent.

The CPI-based inflation recorded at 7.88 percent in five months (July to November) of the current fiscal year. Meanwhile, inflation measures by the Sensitive Price Index (SPI) have enhanced by 10.48 percent, and wholesale price indicator (WPI)-based inflation has surged by 4.87 percent in five months of the ongoing fiscal year.

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The government had already projected that inflation might further fall in two months. The ministry of finance had projected that inflation is expected to remain within the range of 5.8% – 6.8% in November, further receding to 5.6% – 6.5% by December 2024.

The breakdown of the inflation of 4.9 percent showed that food and non-alcoholic beverage prices decreased by 0.24 percent last month. Similarly, health and education charges went up by 13.06 percent and 10.55 percent, respectively. Similarly, prices of utilities (housing, water, electricity, gas, and fuel) increased by 7.89 percent in the last month. Meanwhile, the prices of alcoholic beverages and tobacco went up by around 5.43 percent. Prices of clothing and footwear increased by 14.37 percent, and furnishing and household equipment maintenance charges increased by 5.91 percent. Recreational charges and those related to culture went up by 7.67 percent in the period under review, while amounts charged by restaurants and hotels went up by 8.3 percent in November 2024 as compared to the same month last year.

In rural areas, the food items that saw their prices increase included tomatoes (26.15 percent), eggs (10.26 percent), potatoes (9.56 percent), pulse moong (7.75 percent), cooking oil (6.75 percent), vegetable ghee (6.30 percent), mustard oil (5.65 percent), dry fruits (5.63 percent), honey (5.11 percent), wheat (3.56 percent), gram whole (1.59 percent), fish (1.26 percent), beverages (0.90 percent), besan (0.86 percent), readymade food (0.71 percent), pulse gram (0.64 percent), wheat flour (0.58 percent), and meat (0.45 percent). In non-food commodities, prices of the following items enhanced: woolen readymade garments (5.94 percent), liquified hydrocarbons (5.27 percent), household textiles (4.23 percent), drugs and medicines (3.92 percent), readymade garments (3.21 percent), dental services (2.47 percent), hospital services (1.24 percent), transport services (1.23 percent), and woolen cloth (1.16 percent).

In rural areas, prices of the following items decreased, including chicken (16.70 percent), onions (8.24 percent), fresh fruits (6.07 percent), gur (3.79 percent), sugar (3.62 percent), pulse mash (3.15 percent), fresh vegetables (2.69 percent), rice (2.29 percent), and condiments & spices (1.76 percent).

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In urban areas, prices of the following commodities increased, including tomatoes (26.56 percent), eggs (11.83 percent), pulse moong (11.15 percent), honey (10.34 percent), potatoes (8.64 percent), mustard oil (7.48 percent), vegetable ghee (4.69 percent), butter (3.49 percent), dry fruits (3.05 percent), fish (2.96 percent), cooking oil (2.41 percent), beans (2.35 percent), wheat (2.11 percent), readymade food (1.60 percent), sweetmeat (1.21 percent), beverages (1.02 percent), and wheat flour (0.89 percent).