Karachi: Headline inflation clocked in at 31.4 percent on year-on-year basis in September, Pakistan Bureau of Statistics (PBS) said, significantly higher than reading in August when it stood at 27.4 percent. On month-on-month basis, it was up 2 percent. This takes 1QFY24 average inflation to 29.04 percent compared to 25.11 percent in 1QFY23. In note, brokerage house Topline Securities said reading is in line with market expectations.

PBS said CPI inflation urban increased to 29.7 percent on year-on-year basis in September 2023 as compared to an increase of 25 percent in previous month and 21.2 percent in September 2022.

On month-on-month basis, it increased to 1.7 percent in September 2023 as compared to an increase of 1.6 percent in previous month and decrease of 2.1 percent in September 2022.

CPI inflation rural increased to 33.9 percent on year-on-year basis in September 2023 as compared to an increase of 30.9 percent in previous month and 26.1 percent in September 2022.

On month-on-month basis, it increased to 2.5 percent in September 2023 as compared to an increase of 1.9 percent in previous month and an increase of 0.2 percent in September 2022.

Meanwhile, Arif Habib Limited brokerage house, in its report expected inflation reading to be 31.1 percent. High inflation is just one of issues currently putting Pakistan's economy in distress.

Published in The Daily National Courier, October, 03 2023

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