Monday, December 11, 2023

Annual consumer inflation decreased to 8.90%

Annual consumer inflation decreased slightly to 8.90 % during the outgoing fiscal year (FY21) from 10.74 percent a year earlier, data released by Pakistan’s Bureau of Statistics on Thursday showed.

Inflation decreased slightly to 9.7% in June, from 10.9% in May, mainly due to the improvement in food supply and the reduction in the prices of essential items for the kitchen.

At the start of the current fiscal year, consumer inflation recorded at 9.3% in July, falling to 8.2% in August, before rebounding to 9% in September. As of September, inflation continued on a downward trajectory, providing some relief to end consumers. However, he recovered in February.

Food group prices rose 11% year-on-year but fell 1.9% month-on-month in June in urban areas. The situation is almost the same in rural areas, where food prices increased by 9.8% year on year and decreased by 0.8% month-on-month in June. The month-to-month drop indicates that there will be a drop in essential food prices next month.

Sugar imports amounted to 280,772 tonnes for 11 months of the current fiscal year, against 6,210 tonnes in the corresponding period last year.

The government imported 3.612 million tons of wheat to make up for deficiencies and improve market supply.

Moreover, The government has already announced that it will import around four million tons of wheat to maintain a regulatory stock. Estimates show an abundant wheat production of more than 27 million tons this year.

Food Prices in Rural & Urban area:

In rural areas, tomato prices increased by 26.76%, vegetables 9.09%, eggs 4.27%, mustard oil 3.11%, wheat 3.11%, gur 2.49%, milk 2.20 %, and 1.23% cooking oil.

In urban areas, foods that had a jump in prices in June compared to the previous month included tomatoes (28.94%), onions (14.97%), eggs (4.37%), vegetables (3.11% ), meat (2.85%), gur (1.85pc), wheat (1.52pc), vegetable ghee (1.36pc), pulse masoor (1.26pc) and mustard oil (1.21pc). Items whose prices fell in urban areas were chicken (36.86pc), fruit (20.07pc), pulse moong (6.10pc), fish (1.91pc).

Non-food inflation in urban centers increased by 8.9pc in year-on-year terms and 0.6pc in monthly terms, while in rural areas it increased by 9.7pc and decreased by 0.6pc, respectively.

The Average Consumer Price Index (CPI) is expected to remain between 7% and 9% next year.

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