Inflation rose to 12.63 percent on a year-on-year basis in December 2019, as compared to a similar month of last year, the Pakistan Bureau of Statistics (PBS) reported on Wednesday.
Basis, from in Inflation, measured by the consumer price level (CPI), however, dropped marginally by 0.4pc on a month-on-month November 2019 to 12.63pc in December 2019.
The country’s annual rate of inflation dropped slightly in December because of what the information shows, a decrease in some commodity prices.
As per the PBS, prices of food items including tomatoes, wheat, chicken, vegetable oil , sugar, motor fuel and liquefied hydrocarbons, which frame a third of the general basket accustomed calculate inflation, dropped during the month under review.
In line with the IMF’s claims that inflation has started to stabilize, the authority foresees an extra downward trend in inflation during the approaching months.The IMF had lowered the inflation projection for the financial year 2020 from 13pc to 11.8pc on account of administrative and energy tariff adjustments that are expected to offset the consequences from weak domestic demand. The finance ministry had also recently claimed that the country would do far better than IMF projections, saying that measures would be taken to bring inflation right down to five percent within the medium term.
According to the break-up, figures, the urban CPI-based inflation increased by 12pc YOY, whereas it went down by 0.4pc MoM. On the opposite hand, rural CPI-based inflation increased 13.6pc YoY whereas it decreased by 0.3pc MoM.
During the month of December 2019, the core inflation measured by non-food non-energy (NFNE) urban CPI increased by 7.5pc YoY and 0.4pc MoM, whereas core inflation measured by NFNE rural CPI increased by 8.1pc YoY and 0.5pc MoM.
The top food commodities that witnessed an increase in their prices on YoY basis included tomatoes (321.04pc), onions (169.45pc), fresh vegetables (83.59pc), potatoes(78.23pc), pulse moong (53.24pc), pulse mash (38.44pc), gur (31.22pc), sugar (27.81pc), wheat (21.68pc), vegetable oil (16.67pc), vegetable ghee (16.39pc), flour (15.8pc), pulse masoor
(13.82pc), fish (13.64pc), meat (13.45pc), dry fruits(13.25pc), besan (11.96pc), beverages (11.1pc), pulse gram (11pc), beans (10.84pc), powdered milk (10.64pc) and tea (10.21pc).
PM orders country-wide launch of ‘Durust Daam’ application
On the other hand, the non-food commodities that witnessed a rise in prices included gas charges (54.84pc), construction input items (18.51pc), motor fuel (17.95pc), electricity charges (17.57pc), automobiles (16.6pc), cotton (12.49pc), transport services (11.89pc), doctor’s clinic fee (11.2pc), woolen cloth (10.44pc), and automobile accessories (10.04pc).