Pakistan December CPI up 29.7% year-on-year – statistics bureau

KARACHI  –Pakistan’s Consumer Price Index (CPI) for December rose 29.7 percent from a year before, data from the Pakistan Bureau of Statistics showed on Monday.

The country of 241 million people experienced its highest ever inflation in 2023, with its currency dipping to historic lows until a $3-billion IMF bailout averted an imminent sovereign default in July.

Monthly inflation for December registered a 0.8-percent rise from the previous month.

The central bank governor said on Friday Pakistan’s inflation rate will ease to around 20-22 percent in the 2024 financial year, in a report issued weeks ahead of a national election it is hoped will help restore political and economic stability.

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Central bank chief Jameel Ahmed also said in his report that CPI surged to 29.2 percent in 2023, around the upper bound of the bank’s revised projections.

He added that the central bank will keep inflation expectations anchored to achieve its medium-term target of 5-7 percent .