ISLAMABAD: Pakistan’s headline inflation reached 11.1% year-on-year in July 2024, according to the Pakistan Bureau of Statistics (PBS). This figure is the lowest since November 2021, when it was 11.5%.
Month-on-month, the Consumer Price Index (CPI) inflation rose by 2.1% in July 2024, compared to a 0.5% increase the previous month.
Urban CPI inflation was 13.2% year-on-year in July 2024, down from 14.9% in June 2024 and 26.3% in July 2023. Month-on-month, urban CPI increased by 2.0% in July 2024, up from 0.6% the previous month and 3.6% in July 2023.
Rural CPI inflation stood at 8.1% year-on-year in July 2024, down from 9.3% in June 2024 and 31.3% in July 2023. Month-on-month, rural CPI increased by 2.2% in July 2024, compared to a 0.3% rise in the previous month and 3.3% in July 2023.
The Asian Development Bank’s recent report forecasts a 7% reduction in Pakistan’s debt volume, projecting it will drop from 77% to 70% of GDP. The report also indicates that 62% of Pakistan’s revenue will be allocated to debt repayment this fiscal year and predicts that inflation will remain elevated.
