Pakistan’s headline inflation hit 11.1% year-on-year in July 2024, the lowest since November 2021, according to the Pakistan Bureau of Statistics (PBS).
Moreover, month-on-month Consumer Price Index inflation rose by 2.1% in July 2024, compared to a 0.5% rise last month.
However, urban CPI inflation stood at 13.2% year-on-year in July 2024, down from 14.9% the previous month and 26.3% in July 2023. Month-on-month, it increased by 2.0% in July 2024, up from a 0.6% rise last month.
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In addition, rural CPI inflation was 8.1% year-on-year in July 2024, down from 9.3% the previous month and 31.3% in July 2023. Month-on-month, it rose by 2.2% in July 2024, compared to a 0.3% increase last month.
Furthermore, the Asian Development Bank’s report from last month predicts a 7% decrease in Pakistan’s debt volume, dropping from 77% to 70% of GDP. However, it notes that 62% of revenue will be allocated to debt repayment this fiscal year and predicts high inflation will persist.
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