Inflation Monitor

August 2024

Data Services and Innovations Department

State Bank of Pakistan State Bank of Pakistan State Bank of Pakistan

State Bank of Pakistan, I.I. Chundrigar Road, Karachi.

 State Bank of Pakistan 1

ISSN 1992-8335 (online)

The analysis in this document is based on data:

• provided by Pakistan Bureau of Statistics (PBS)

• retrieved from websites of Bloomberg, Trading Economics and World Bank
• prepared and compiled by State Bank of Pakistan

For feedback and queries: [email protected]

2 Inflation Monitor - August 2024

Table of Contents
Summary .................................................................................................................................... 5
1. Inflation Trends ..................................................................................................................... 7
1.1 CPI Inflation (YoY) .............................................................................................................. 7
1.2 Core Inflation (YoY) ............................................................................................................. 7
1.3 CPI Inflation (YoY) and Policy Rate .................................................................................... 8
1.4 CPI Inflation (YoY) and Currency in Circulation (CIC) Growth ......................................... 8
1.5 CPI Inflation (YoY) and Large-Scale Manufacturing (LSM) Growth (YoY) ...................... 9
1.6 CPI Inflation (MoM) ............................................................................................................. 9
1.7 CPI Inflation (MoM) and USD Appreciation/Depreciation (MoM) ................................... 10
1.8 WPI and SPI Inflation (YoY) .............................................................................................. 10
2. Inflation Expectations ......................................................................................................... 11
3. CPI Inflation (YoY) – Group-wise Impact (in % point) ................................................. 12
3.1 Urban CPI Inflation (YoY)............................................................................................... 12
3.2 Rural CPI Inflation (YoY)................................................................................................ 13
4. Growth in Prices of Essential Commodities ..................................................................... 14
5. Inflation in Global Context ................................................................................................ 15
5.1 Global Comparison ............................................................................................................. 15
5.2 Global Commodity Inflation ............................................................................................... 16
5.3 International Commodity Prices/Indices ............................................................................. 17
6. Data Visuals ......................................................................................................................... 18
6.1 CPI Inflation Heat Maps ..................................................................................................... 18
6.2 Group-wise CPI Inflation (YoY) ........................................................................................ 19
6.3 Distribution of Price Changes (YoY) in Urban Basket ....................................................... 20
6.4 Distribution of Price Changes (YoY) in Rural Basket ........................................................ 20
6.5 National CPI Inflation Build-up over June ......................................................................... 21
6.6 Urban CPI Inflation Build-up over June ............................................................................. 21
6.7 Rural CPI Inflation Build-up over June .............................................................................. 22
6.8 Frequency Distribution of Price Changes of Urban CPI Items (YoY) ............................... 23
6.9 Frequency Distribution of Price Changes of Rural CPI Items (YoY)................................. 24
6.10 Frequency Distribution of Price Changes of Urban CPI Items (MoM) ............................ 25
6.11 Frequency Distribution of Price Changes of Rural CPI Items (MoM) ............................. 26
 State Bank of Pakistan 3

6.12 Frequency Distribution of Price Changes of WPI Commodities (YoY)........................... 27

7. Data Tables .......................................................................................................................... 28
Table 7.1: National CPI Inflation by Groups (in percent)......................................................... 28
Table 7.2: Urban CPI Inflation by Groups (in percent) ............................................................ 29
Table 7.3: Rural CPI Inflation by Groups (in percent) ............................................................. 29
Table 7.4: Top Ten Contributors to Urban CPI Inflation (YoY) .............................................. 30
Table 7.5: Top Ten Contributors to Rural CPI Inflation (YoY) ............................................... 31
Table 7.6: Inflation (CPI, WPI, SPI, Core) ............................................................................... 32
Table 7.8: Urban CPI Inflation by Groups ................................................................................ 34
Table 7.9: Rural CPI Inflation by Groups ................................................................................. 35
Technical Notes ........................................................................................................................ 36
List of Abbreviations............................................................................................................... 38
4 Inflation Monitor - August 2024

The Team
Saadia Bilal Deputy Director
Syed Aamir Ali Bokhari Joint Director

Publication Reviewer
Sohail Haider Deputy Director

Publication Manager
Salman Ahmed Senior Joint Director
 State Bank of Pakistan 5

Summary
Inflation Summary YoY MoM
Aug-24 Jul-24 Aug-23 Aug-24 Jul-24 Aug-23
CPI Inflation
National 9.6 11.1 27.4 0.4 2.1 1.7
Urban 11.7 13.2 25.0 0.3 2.0 1.6
Rural 6.7 8.1 30.9 0.6 2.2 1.9
Core Inflation
Urban (NFNE) 10.2 11.7 18.4 0.4 0.7 1.8
Rural (NFNE) 14.4 16.9 25.9 0.6 1.1 2.8
Urban (Trimmed) 8.0 10.3 23.0 0.2 1.2 1.5
Rural (Trimmed) 9.6 11.3 30.5 0.4 1.7 1.4
WPI Inflation 6.3 10.4 24.3 0.3 2.3 4.2
SPI Inflation 17.1 23.0 28.7 0.4 2.1 5.5

I. National CPI Inflation (YoY) decreased to 9.6 percent in August 2024 from 11.1 percent in the
previous month. It stood at 27.4 percent in August 2023. On MoM basis, it decreased to 0.4 percent
in August 2024 from 2.1 percent in the previous month. It stood at 1.7 percent in the corresponding
month of the previous year.

II. Urban CPI Inflation (YoY) decreased to 11.7 percent in August 2024 from 13.2 percent in the
previous month. It stood at 25.0 percent in August 2023. On MoM basis, it decreased to 0.3 percent
in August 2024 from 2.0 percent in the previous month. It stood at 1.6 percent in the corresponding
month of the previous year.

III. Rural CPI Inflation (YoY) decreased to 6.7 percent in August 2024 from 8.1 percent in the previous
month. It stood at 30.9 percent in August 2023. On MoM basis, it decreased to 0.6 percent in August
2024 from 2.2 percent in the previous month. It stood at 1.9 percent in the corresponding month of
the previous year.

IV. Urban Core - NFNE Inflation (YoY) decreased to 10.2 percent in August 2024 from 11.7 percent
in the previous month. It stood at 18.4 percent in the corresponding month of the previous year. On
MoM basis, it decreased to 0.4 percent in August 2024 from 0.7 percent in the previous month. It
stood at 1.8 percent in the corresponding month of the previous year.

V. Rural Core - NFNE Inflation (YoY) decreased to 14.4 percent in August 2024 from 16.9 percent
in the previous month. It stood at 25.9 percent in August 2023. On MoM basis, it decreased to 0.6
percent in August 2024 from 1.1 percent in the previous month. It stood at 2.8 percent in the
corresponding month of the previous year.

VI. Urban Core – trimmed Inflation (YoY) decreased to 8.0 percent in August 2024 from 10.3 percent
in the previous month. It stood at 23.0 percent in the corresponding month of the previous year. On
MoM basis, it decreased to 0.2 percent in August 2024 from 1.2 percent in the previous month. It
stood at 1.5 percent in the corresponding month of the previous year.

VII. Rural Core – trimmed Inflation (YoY) decreased to 9.6 percent in August 2024 from 11.3 percent
in the previous month. It was recorded at 30.5 percent in the corresponding month of the previous
6 Inflation Monitor - August 2024

year. On MoM basis, it decreased to 0.4 percent in August 2024 from 1.7 percent in the previous
month. It stood at 1.4 percent in the corresponding month of the previous year.

VIII. WPI Inflation (YoY) decreased to 6.3 percent in August 2024 from 10.4 percent in the previous
month. It stood at 24.3 percent in the corresponding month of the previous year. On MoM basis, it
decreased to 0.3 percent in August 2024 from 2.3 percent in the previous month. It stood at 4.2
percent in the corresponding month of the previous year.

IX. SPI - combined Inflation (YoY) decreased to 17.1 percent in August 2024 from 23.0 percent in the
previous month. It stood at 28.7 percent in the corresponding month of the previous year. On MoM
basis, it decreased to 0.4 percent in August 2024 from 2.1 percent in the previous month. It stood
at 5.5 percent in the corresponding month of the previous year.
 State Bank of Pakistan 7

1. Inflation Trends
1.1 CPI Inflation (YoY)

1.2 Core Inflation (YoY)

8 Inflation Monitor - August 2024

1.3 CPI Inflation (YoY) and Policy Rate

1.4 CPI Inflation (YoY) and Currency in Circulation (CIC) Growth

 State Bank of Pakistan 9

1.5 CPI Inflation (YoY) and Large-Scale Manufacturing (LSM) Growth (YoY)

1.6 CPI Inflation (MoM)

10 Inflation Monitor - August 2024

1.7 CPI Inflation (MoM) and USD Appreciation/Depreciation (MoM)

1.8 WPI and SPI Inflation (YoY)

 State Bank of Pakistan 11

2. Inflation Expectations
Consumer Confidence Survey (CCS) is a stratified random telephonic survey of households across Pakistan
conducted on monthly basis 1. Consumers’ Inflation Expectations Index for the month of July 2024
increased by 7.4 points to 72.5 as compared to the previous wave of the survey.
Diffusion
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24
Index*
Overall 74.3 75.2 78.0 73.3 66.9 71.6 73.3 72.3 72.7 74.5 69.1 65.0 72.5
Food Inflation 72.3 74.9 79.6 75.6 67.8 72.2 74.3 74.5 73.4 74.5 69.4 63.8 73.3
Energy
73.1 75.3 80.3 76.3 69.6 73.2 74.7 75.9 73.5 76.9 72.7 68.4 74.9
Inflation
NFNE
72.8 74.9 79.4 76.4 68.7 72.4 74.1 75.3 73.7 75.6 71.3 65.6 73.4
Inflation
* For detailed methodology, please see webpage of Consumer Confidence Survey.

Inflation Expectations Index Jul-23 Jun-24 Jul-24

76.0 74.9
74.3
74.0 73.3 73.1 73.4
72.5 72.3 72.8
72.0
70.0 68.4
68.0
65.6
66.0 65
63.8
64.0
62.0
60.0
58.0
Overall Food Energy NFNE

1
The State Bank of Pakistan (SBP) conducts this survey. These are opinions of households and may not be considered as views of SBP.
12 Inflation Monitor - August 2024

3. CPI Inflation (YoY) – Group-wise Impact (in % point)

3.1 Urban CPI Inflation (YoY)

Table 3.1. Urban CPI Inflation (YoY) – Group-wise Impact (in % points)

Food Group Non-food Group

CPI Non- Core Inflation NFNE
Period Overall Perishable Overall Energy HRI
Perishable (NFNE) excl. HRI
a=(b+e) b=(c+d) c d e=(f+g) f g=(h+i) h i
Aug-24 11.7 1.8 1.8 -0.1 10.0 5.4 4.6 0.7 3.9
Jul-24 13.2 1.5 1.3 0.2 11.7 6.5 5.2 0.7 4.5
Jun-24 14.9 1.1 0.8 0.4 13.8 8.2 5.6 0.8 4.8
May-24 14.3 1.0 0.5 0.5 13.4 7.8 5.5 0.8 4.8
Apr-24 19.4 4.9 1.3 3.6 14.6 8.6 5.9 0.8 5.1
Mar-24 21.9 7.1 2.0 5.1 14.8 9.0 5.8 0.7 5.1
Feb-24 24.9 8.5 0.9 7.5 16.4 9.3 7.1 0.8 6.4
Jan-24 30.2 11.5 1.5 10.0 18.8 10.4 8.4 0.8 7.6
Dec-23 30.9 11.9 1.0 10.9 19.0 10.4 8.6 0.9 7.8
Nov-23 30.4 12.4 0.6 11.7 18.1 9.3 8.8 0.9 7.9
Oct-23 25.5 12.0 0.0 12.0 13.5 4.8 8.7 0.9 7.8
Sep-23 29.7 14.1 0.3 13.8 15.7 6.7 9.0 0.8 8.1
Aug-23 25.0 15.0 0.5 14.5 10.0 1.4 8.6 0.8 7.8
Note: The sub-indices may not tally with the overall CPI Inflation due to rounding off.
 State Bank of Pakistan 13

3.2 Rural CPI Inflation (YoY)

Table 3.2. Rural CPI Inflation (YoY) - Group-wise Impact (In % points)

Food Group Non-food Group

CPI Core
Non- NFNE excl.
Period Overall Perishable Overall Energy Inflation HRI
Perishable HRI
(NFNE)
a=(b+e) b=(c+d) c d e=(f+g) f g=(h+i) h i
Aug-24 6.7 1.0 2.0 -1.0 5.8 0.6 5.2 0.4 4.8
Jul-24 8.1 0.7 1.7 -1.0 7.5 1.4 6.0 0.4 5.6
Jun-24 9.3 0.7 1.3 -0.6 8.6 2.5 6.2 0.4 5.7
May-24 8.2 0.0 0.7 -0.7 8.2 2.1 6.1 0.4 5.7
Apr-24 14.5 5.0 1.9 3.1 9.5 2.7 6.8 0.4 6.4
Mar-24 19.0 8.9 2.7 6.2 10.1 3.0 7.1 0.4 6.7
Feb-24 20.5 9.8 1.1 8.6 10.8 2.9 7.9 0.4 7.5
Jan-24 25.7 12.9 2.0 10.9 12.8 3.8 9.0 0.4 8.5
Dec-23 27.9 14.7 1.5 13.3 13.1 3.8 9.3 0.5 8.8
Nov-23 27.5 14.8 0.6 14.2 12.8 3.2 9.6 0.5 9.1
Oct-23 28.7 14.6 -0.3 14.9 14.1 4.3 9.8 0.5 9.3
Sep-23 33.9 17.9 0.3 17.6 16.0 5.7 10.4 0.5 9.9
Aug-23 30.9 19.5 0.9 18.6 11.5 1.8 9.7 0.5 9.2
Note: The sub-indices may not tally with the overall CPI Inflation due to rounding off.
14 Inflation Monitor - August 2024

4. Growth in Prices of Essential Commodities

Table 4.1 Essential Commodity* Prices Growth – August 2024
Urban CPI Rural CPI
S. No Item Unit
YoY MoM YoY MoM
1 Wheat Flour Bag 20 kg -36.0 -3.8 -34.9 -4.9
2 Rice Basmati Broken (Average Quality) 1 kg -6.2 1.4 -0.3 0.2
3 Bread plain (Medium Size) Each -2.0 -0.5 1.0 0.0
4 Beef with Bone (Average Quality) 1 kg 23.0 1.4 22.8 2.3
5 Mutton (Average Quality) 1 kg 13.9 0.5 18.2 1.1
6 Chicken Farm Broiler (Live) 1 kg 8.0 13.6 8.6 19.7
7 Milk fresh (Un-boiled) 1 Litre 7.8 1.4 9.8 0.7
8 Curd 1 kg 10.2 1.2 11.7 1.5
9 Powdered Milk NIDO 390 gm Polybag Each 26.9 0.5 28.4 0.7
10 Eggs Farm Dozen -1.9 12.4 -3.1 14.3
11 Mustard Oil (Average Quality) 1 kg -5.9 0.7 -5.0 0.6
12 Vegetable Ghee DALDA/HABIB 2.5 kg Tin Each -7.8 1.0 -7.7 0.4
13 Vegetable Ghee DALDA/HABIB Each -6.7 1.2 -6.1 1.3
14 Bananas (Kela) Local 1 Dozen 5.2 -8.5 8.0 -7.3
15 Pulse Masoor (Washed) 1 kg 15.6 -0.6 18.3 0.6
16 Pulse Moong (Washed) 1 kg 25.0 2.8 29.5 3.0
17 Pulse Mash (Washed) 1 kg 17.7 0.9 17.3 1.9
18 Pulse Gram 1 kg 42.3 4.6 39.2 5.3
19 Potatoes 1 kg 5.7 3.0 9.7 1.4
20 Onions 1 kg 136.3 22.8 144.3 17.7
21 Tomatoes 1 kg 16.3 -8.1 5.9 -20.6
22 Sugar Refined 1 kg -3.6 0.0 -3.5 -0.5
23 Gur (Average Quality) 1 kg -5.7 1.0 -1.0 0.6
24 Salt Powdered Each/Kg 20.5 1.1 7.8 0.0
25 Chilies Powder Each/Kg -15.0 -0.3 -2.4 0.0
26 Garlic (Lehsun) 1 kg 29.6 7.2 24.3 10.0
27 Tea Lipton Yellow Label 190 gm Packet Each -2.7 0.0 -0.6 0.0
28 Cooked Beef at Average Hotel Per Plate 9.0 0.2 13.8 1.4
29 Cooked Daal at Average Hotel Per Plate 12.2 0.5 15.1 1.2
30 Tea Prepared Ordinary Per Cup 14.1 0.3 16.1 0.6
31 Cigarettes Capstan 20'S Packet Each 5.1 -0.8 3.5 0.3
32 Long Cloth 1 Metre 27.5 0.0 21.9 0.6
33 Shirting (Average Quality) 1 Metre 30.6 2.8 19.2 0.3
34 Lawn Printed 1 Metre 16.2 0.0 22.7 0.8
35 Georgette (Average Quality) 1 Metre 10.3 0.2 12.7 0.0
36 Gents Footwear Pair 47.9 0.0 17.0 0.0
37 Ladies Footwear Pair 28.6 0.0 17.9 0.0
38 Electricity Charges up to 50 Units Per Unit -16.9 0.0 -16.9 0.0
39 Firewood Whole 40 kg 10.5 0.5 9.8 0.3
40 Energy Saver Philips 14 Watt Each 35.6 0.0 21.2 0.0
41 Washing Soap 250 gm Cake Each 0.5 0.1 3.6 0.2
42 Match Box Each 7.1 0.2 10.5 0.2
43 Petrol Super Per Litre -6.1 -2.3 -6.1 -2.3
44 Hi-Speed Diesel Per Litre -5.1 -4.2 -5.1 -4.2
45 LPG 11.67 kg Cylinder Each 9.4 -1.5 14.1 0.3
46 Telephone Call Charges Per Minute 0.0 0.0 0.0 0.0
47 Toilet Soap LUX 75 gm Each 1.5 0.0 1.3 0.0
*Common commodities are selected from CPI basket, based on SPI essential items
 State Bank of Pakistan 15

5. Inflation in Global Context

5.1 Global Comparison
Inflation trends in selected developed and emerging economies is given in Figures 5.1 & 5.2.

Figure 5.1: Comparison with De ve lope d Economie s

US Euro Area Japan UK Pakistan

35

30

25
Percent

20

15

10

May-24
Dec-23

Jun-24

Jul-24
Apr-24
Jan-24
Aug-23

Nov-23

Aug-24
Sep-23

Feb-24

Mar-24
Oct-23

Sources: Havor Analytics, Trading Economics

Figure 5.2: Comparison with Emerging Economies

China Thailand India Bangladesh

Sri Lanka Pakistan Turkey

80
70
60
50
Percent

40
30
20
10
0
-10
May-24
Dec-23

Jun-24

Jul-24
Apr-24
Jan-24
Aug-23

Nov-23

Aug-24
Sep-23

Feb-24

Mar-24
Oct-23

Sources: Havor Analytics, Trading Economics

16 Inflation Monitor - August 2024

5.2 Global Commodity Inflation

Global commodity prices may influence domestic inflation. In this context, changes in major global
commodity prices/indices along with price trends are given in Table 5.1 and Figure 5.3.

Table 5.1: Changes in Major Global Indices (percent)

Aug-24 Jul-24 Aug-23
Item/Group
YoY MoM YoY MoM YoY MoM
Food -8.6 -2.3 -8.1 -1.1 -7.5 -1.8
Metals 6.1 -2.6 7.2 -3.8 -4.8 -1.6
Energy -5.6 -3.2 5.1 2.1 -37.1 7.8
Agricultural 2.1 -1.4 2.5 -2.6 -5.6 -1.1
Fertilizers -16.7 -1.8 -12.7 -2.2 -22.9 3.0
Cotton -8.6 -2.3 -8.1 -1.1 -7.5 -1.8
Data Source: World Bank

Figure 11.1: Global Commodity Price s

Growth (YoY) in Commodity Prices - Nominal US Dollars

Rice Wheat Sugar Palm Oil Soyabean Oil
60

40

20
Percent

-20

-40

Growth (YoY) in Commodity Price Indices - (2010=100)

Energy Index Metal Index Food Index
20

10

0
Percent

-10

-20

-30

-40
Mar-24

Jun-24
Sep-23

Feb-24
Dec-23

Jan-24
Aug-23

Nov-23

Aug-24
Oct-23

Jul-24
May-24
Apr-24

Source: World Bank

 State Bank of Pakistan 17

5.3 International Commodity Prices/Indices

Items Aug-24 Jul-24 Aug-23 Jun-24

Energy
Crude Oil (US$ per barrel) 78.1 83.3 84.7 81.2
WB Energy Index (2010 = 100) 102.6 106.0 108.7 103.8
Food
Rice ($/MT) 589.0 590.0 635.0 632.0
Wheat ($/MT) 250.9 260.3 315.8 265.6
Sugar (US cent/ pound)^ 0.4 0.4 0.5 0.4
Palm Oil ($/MT) 932.6 896.1 860.8 873.7
Soybean Oil ($/MT) 1,031.4 1,079.0 1,126.5 1,010.7
Non-Food Non-Energy
Cotton Outlook 'A' Index ($/KG) # 1.8 1.8 2.1 1.8
Metal Price Index (2010 = 100) 111.6 114.6 105.2 119.2
Copper ($/MT) 8,972.0 9,385.3 8,349.1 9,648.2
Aluminum ($/MT) 2,343.7 2,349.1 2,136.6 2,497.6
Iron Ore ($ cents/dry MT) 99.9 106.9 110.2 107.5
Tin ($/MT) 31,491.7 31,860.5 26,074.9 32,032.7
Nickle ($/MT) 16,292.1 16,334.9 20,438.7 17,498.0
Zinc ($/MT) 2,714.1 2,777.3 2,406.7 2,809.2
Lead ($/MT) 1,994.6 2,106.9 2,153.8 2,147.1
Uranium ($/MT) 78.5 84.3 59.9 84.3
DAP ($/MT) 546.0 539.4 528.8 543.0
Urea ($/MT) 342.5 342.5 385.6 336.3
Source: World Bank for all variables / indices except Uranium which is taken from Cameco (World Largest Uranium Producer)
$/MT = US$ per metric tonne.
* Crude Oil (Petroleum), simple average of three spot prices; Dated Brent, West Texas Intermediate, and the Dubai Fateh
# Middling 1-3/32 inch staple, Liverpool Index "A", average of the cheapest Cts/lb five of fourteen styles, CIF Liverpool (Cotton
Outlook, Liverpool). From January 1968 to May 1981 strict middling 1-1/16 inch staple. Prior to 1968, Mexican 1-1/16.2/

DAP: Diammonium Phosphate

18 Inflation Monitor - August 2024

6. Data Visuals

6.1 CPI Inflation Heat Maps

Heat Maps provide an intuitive and visual presentation of data using colors of varying intensity such as
cool to warm. The Heat Maps for National, Urban and Rural CPI inflation (YoY) and their important sub-
indices are presented here. The observed inflation is compared with medium term inflation target of 5 to 7
percent.
National CPI Inflation (YoY)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY25 11.1 9.6
FY24 28.3 27.4 31.4 26.8 29.2 29.7 28.3 23.1 20.7 17.3 11.8 12.6
FY23 24.9 27.3 23.2 26.6 23.8 24.5 27.6 31.5 35.4 36.4 38.0 29.4
FY22 8.4 8.4 9.0 9.2 11.5 12.3 13.0 12.2 12.7 13.4 13.8 21.3
FY21 9.3 8.2 9.0 8.9 8.3 8.0 5.7 8.7 9.1 11.1 10.9 9.7
FY20 8.4 10.5 11.4 11.0 12.7 12.6 14.6 12.4 10.2 8.5 8.2 8.6
FY19 6.7 6.2 5.4 6.5 5.7 5.4 5.6 6.8 8.6 8.3 8.4 8.0
FY18 3.9 4.4 4.7 4.8 5.0 5.6 5.2 4.5 3.6 4.0 5.0 5.7

Key
<0 7 14 21 >28

Urban CPI Inflation (YoY)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY25 13.2 11.7
FY24 26.3 25.0 29.7 25.5 30.4 30.9 30.2 24.9 21.9 19.4 14.3 14.9
FY23 23.6 26.2 21.2 24.6 21.6 21.6 24.4 28.8 33.0 33.5 35.1 27.3
FY22 8.7 8.3 9.1 9.6 12.0 12.7 13.0 11.5 11.9 12.2 12.4 19.8
FY21 7.8 7.1 7.7 7.3 7.0 7.0 5.0 8.6 8.7 11.0 10.8 9.6
FY20 8.7 10.6 11.6 10.9 12.1 12.0 13.4 11.2 9.3 7.7 7.3 7.6
FY19 6.7 6.2 5.6 7.0 6.3 5.9 6.2 7.2 8.9 8.4 8.5 8.1
FY18 4.4 5.1 5.2 5.3 5.4 6.1 5.4 4.8 4.0 4.4 5.3 5.9

Key
<0 7 14 21 >28

Rural CPI Inflation (YoY)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY25 8.1 6.7
FY24 31.3 30.9 33.9 28.7 27.5 27.9 25.7 20.5 19.0 14.5 8.2 9.3
FY23 26.9 28.8 26.1 29.5 27.2 28.8 32.3 35.6 38.9 40.7 42.2 32.4
FY22 8.0 8.4 8.8 8.7 10.9 11.6 12.9 13.3 13.9 15.1 15.9 23.6
FY21 11.6 9.9 11.1 11.3 10.5 9.5 6.6 8.8 9.5 11.3 10.9 9.7
FY20 7.9 10.3 11.1 11.3 13.6 13.6 16.3 14.2 11.7 9.8 9.7 10.0
FY19 6.6 6.2 5.1 5.7 4.7 4.6 4.6 6.0 8.2 8.1 8.3 7.9
FY18 3.1 3.4 3.9 4.2 4.4 4.9 4.9 4.0 3.0 3.3 4.5 5.4

Key
<0 7 14 21 >28
 State Bank of Pakistan 19

6.2 Group-wise CPI Inflation (YoY)

20 Inflation Monitor - August 2024

6.3 Distribution of Price Changes (YoY) in Urban Basket

6.4 Distribution of Price Changes (YoY) in Rural Basket

 State Bank of Pakistan 21

6.5 National CPI Inflation over June

6.6 Urban CPI Inflation Build-up over June

22 Inflation Monitor - August 2024

6.7 Rural CPI Inflation Build-up over June

 State Bank of Pakistan 23

6.8 Frequency Distribution of Price Changes of Urban CPI Items (YoY)

Frequency (No. of items) % Cumulative frequency (RHS)

70 100 60 100
YoY price changes 12-MMA price changes
60
80 50
80
50
40
40 60 60
30
30 40 40
20
20
20 20
10 10

0 0 0 0

42<
<-6

11 to 15
15 to 18
18 to 21
21 to 25
25 to 28
28 to 32
32 to 35
35 to 38
38 to 42
8 to 11
1 to 4
4 to 8
-3 to 1
-6 to -3

42<
<-6

11 to 15
15 to 18
18 to 21
21 to 25
25 to 28
28 to 32
32 to 35
35 to 38
38 to 42
8 to 11
1 to 4
4 to 8
-3 to 1
-6 to -3
14 100 45 100
12-MMA food price changes 12-MMA non-food price changes
12 40
80 35 80
10
30
60 60
8 25

6 20
40 40
15
4
20 10 20
2 5

0 0 0 0

42<
<-6

11 to 15
15 to 18
18 to 21
21 to 25
25 to 28
28 to 32
32 to 35
35 to 38
38 to 42
8 to 11
1 to 4
4 to 8
-3 to 1
-6 to -3
42<
<-6

11 to 15
15 to 18
18 to 21
21 to 25
25 to 28
28 to 32
32 to 35
35 to 38
38 to 42
8 to 11
1 to 4
4 to 8
-3 to 1
-6 to -3

Price intervals in percent Price intervals in percent

Total Ite ms in CPI Baske t (356), Food Ite ms (103) and non-Food Ite ms (253).
24 Inflation Monitor - August 2024

6.9 Frequency Distribution of Price Changes of Rural CPI Items (YoY)

Frequency (No. of items)

% Cumulative frequency (RHS)
40 100 40 100
YoY price changes 12-MMA price changes
35 35
80 80
30 30
25 60 25 60
20 20
15 40 40
15
10 10
20 20
5 5
0 0 0 0
43<
<-5

12 to 15
15 to 19
19 to 22
22 to 26
26 to 29
29 to 32
32 to 36
36 to 39
39 to 43
9 to 12
2 to 5
5 to 9
-2 to 2
-5 to -2

43<
<-5

12 to 15
15 to 19
19 to 22
22 to 26
26 to 29
29 to 32
32 to 36
36 to 39
39 to 43
9 to 12
2 to 5
5 to 9
-2 to 2
-5 to -2
16 100 30 100
12-MMA food price changes 12-MMA non-food price changes
14
25
80 80
12
20
10 60 60
8 15

6 40 40
10
4
20 20
5
2

0 0 0 0

43<
<-5

12 to 15
15 to 19
19 to 22
22 to 26
26 to 29
29 to 32
32 to 36
36 to 39
39 to 43
9 to 12
2 to 5
5 to 9
-2 to 2
-5 to -2
43<
<-5

12 to 15
15 to 19
19 to 22
22 to 26
26 to 29
29 to 32
32 to 36
36 to 39
39 to 43
9 to 12
2 to 5
5 to 9
-2 to 2
-5 to -2

Price intervals in percent Price intervals in percent

Total Ite ms in CPI Baske t (244), Food Ite ms (94) and non-Food Ite ms (150).
 0
2
4
6
8
10
12
14
16
0
20
40
60
80
100
120
140
160
180
200
<-0.6 <-0.6
-0.6 to -0.3 -0.6 to -…
-0.3 to 0 -0.3 to 0
0 to 0.3 0 to 0.3
0.3 to 0.6 0.3 to 0.6
0.6 to 0.9 0.6 to 0.9
0.9 to 1.2
MoM price changes
Frequency (No. of items)

0.9 to 1.2
1.2 to 1.5 1.2 to 1.5
1.5 to 1.8 1.5 to 1.8
1.8 to 2.1 1.8 to 2.1

Price intervals in percent

2.1 to 2.4 2.1 to 2.4

12-MMA food price changes (MoM)

2.4 to 2.7 2.4 to 2.7
2.7 to 3 2.7 to 3
3 to 3.3 3 to 3.3
3.3 to 3.6 3.3 to 3.6
>3.6 >3.6

0
0

20
40
60
80
20
40
60
80
% Cumulative frequency (RHS)

100
100

Total Ite ms in CPI Baske t (356), Food Ite ms (103) and non-Food Ite ms (253).
0
10
20
30
40
50
60
0
10
20
30
40
50
60
70

<-0.6 <-0.6
-0.6 to -0.3 -0.6 to -…
-0.3 to 0 -0.3 to 0
0 to 0.3 0 to 0.3
0.3 to 0.6 0.3 to 0.6
0.6 to 0.9 0.6 to 0.9
0.9 to 1.2 0.9 to 1.2
6.10 Frequency Distribution of Price Changes of Urban CPI Items (MoM)

1.2 to 1.5 1.2 to 1.5

1.5 to 1.8 1.5 to 1.8
1.8 to 2.1 1.8 to 2.1
12-MMA price changes (MoM

2.1 to 2.4 2.1 to 2.4

Price intervals in percent

2.4 to 2.7 2.4 to 2.7
2.7 to 3 2.7 to 3
12-MMA non-food price changes (MoM)

3 to 3.3 3 to 3.3
3.3 to 3.6 3.3 to 3.6
>3.6 >3.6
0
0

20
40
60
80
20
40
60
80

100
100
State Bank of Pakistan
25
 26

0
2
4
6
8
10
12
14
16
18
20
0
20
40
60
80
100
120
<-0.5 <-0.5
-0.5 to -0.1 -0.5 to -…
-0.1 to 0.3 -0.1 to 0.3
0.3 to 0.7 0.3 to 0.7
0.7 to 1.1 0.7 to 1.1
1.1 to 1.5 1.1 to 1.5
1.5 to 1.9 1.5 to 1.9
MoM price changes

1.9 to 2.3
Frequency (No. of items)

1.9 to 2.3
2.3 to 2.7 2.3 to 2.7
% Cumulative frequency (RHS)

2.7 to 3.1 2.7 to 3.1

3.1 to 3.5

Price intervals in percent

3.1 to 3.5
Inflation Monitor - August 2024

3.5 to 3.9

12-MMA food price changes (MoM)

3.5 to 3.9
3.9 to 4.3 3.9 to 4.3
4.3 to 4.7 4.3 to 4.7
4.7 to 5.1 4.7 to 5.1
>5.1 >5.1

0
0

20
40
60
80
20
40
60
80

100
100

Total Ite ms in CPI Baske t (244), Food Ite ms (94) and non-Food Ite ms (150).
0
5
10
15
20
25
30
35
40
45
0
10
20
30
40
50
60

<-0.5 <-0.5
-0.5 to -0.1 -0.5 to -…
-0.1 to 0.3 -0.1 to 0.3
0.3 to 0.7 0.3 to 0.7
0.7 to 1.1 0.7 to 1.1
1.1 to 1.5 1.1 to 1.5
1.5 to 1.9 1.5 to 1.9
6.11 Frequency Distribution of Price Changes of Rural CPI Items (MoM)

1.9 to 2.3 1.9 to 2.3

2.3 to 2.7 2.3 to 2.7
2.7 to 3.1 2.7 to 3.1
12-MMA price changes (MoM)

3.1 to 3.5 3.1 to 3.5

Price intervals in percent

3.5 to 3.9 3.5 to 3.9
3.9 to 4.3 3.9 to 4.3
12-MMA non-food price changes (MoM)

4.3 to 4.7 4.3 to 4.7

4.7 to 5.1 4.7 to 5.1
>5.1 >5.1
0
0

20
40
60
80
20
40
60
80

100
100
 0
2
4
6
8
10
12
0
2
4
6
8
10
12
14
<-13 <-13
-13 to -10 -13 to -10
-10 to -7 -10 to -7
-7 to -4 -7 to -4
-4 to -1 -4 to -1
-1 to 2 -1 to 2
YoY price changes

2 to 5 2 to 5
Frequency (No. of items)

5 to 8 5 to 8

12-MMA food price changes

8 to 11 8 to 11
% Cumulative frequency (RHS)

11 to 14 11 to 14

Price intervals in percent

14 to 17 14 to 17
17 to 20 17 to 20
20 to 23 20 to 23
23 to 26 23 to 26
26 to 29 26 to 29
29< 29<

0
0

20
40
60
80
20
40
60
80

100
100

Total Ite ms in WPI Baske t (110), Food Ite ms (40) and non-Food Ite ms (70).
0
2
4
6
8
10
12
14
0
5
10
15
20
25

<-13 <-13
-13 to -10 -13 to -10
-10 to -7 -10 to -7
-7 to -4 -7 to -4
-4 to -1 -4 to -1
-1 to 2 -1 to 2
2 to 5 2 to 5
6.12 Frequency Distribution of Price Changes of WPI Commodities (YoY)

5 to 8 5 to 8
12-MMA price changes

8 to 11 8 to 11
11 to 14 11 to 14
12-MMA non-food price changes

14 to 17 14 to 17

Price intervals in percent

17 to 20 17 to 20
20 to 23 20 to 23
23 to 26 23 to 26
26 to 29 26 to 29
29< 29<
0
0

20
40
60
80
20
40
60
80

100
100
State Bank of Pakistan
27
28 Inflation Monitor - August 2024

7. Data Tables
Table 7.1: National CPI Inflation by Groups (in percent)
MoM Change YoY Change
Groups Weights
Aug-24 Jul-24 Aug-23 Aug-24 Jul-24 Aug-23
Food & Non-Alcoholic Beverages 34.6 1.5 4.7 0.6 2.5 1.6 38.5
Alcoholic Beverages, Tobacco 1.0 0.2 1.6 0.4 6.9 7.1 97.5
Clothing & Footwear 8.6 0.4 0.9 1.2 17.3 18.2 18.5
Housing, Water, Elec., Gas & Other Fuels 23.6 -1.4 0.1 1.1 22.2 25.3 6.3
Furnishing & Household Equip. Maintenance 4.1 0.2 0.6 2.3 8.7 11.1 41.7
Health 2.8 0.9 1.6 2.0 17.8 19.1 22.6
Transport 5.9 -0.7 1.4 7.9 3.2 12.2 23.0
Communication 2.2 0.0 0.1 0.3 13.0 13.3 7.0
Recreation and Culture 1.6 1.1 0.5 3.5 7.8 10.2 61.4
Education 3.8 0.6 0.1 3.4 12.8 15.9 10.5
Restaurants and Hotels 6.9 0.7 1.0 1.8 10.0 11.2 34.1
Miscellaneous 4.9 1.1 1.2 3.9 11.5 14.6 40.8
National CPI 100.0 0.4 2.1 1.7 9.6 11.1 27.4
 State Bank of Pakistan 29

Table 7.2: Urban CPI Inflation by Groups (in percent)

MoM Change YoY Change
Groups Weights
Aug-24 Jul-24 Aug-23 Aug-24 Jul-24 Aug-23
I. Food Group 36.8 1.3 4.5 0.6 4.1 3.4 38.8
Food & Non-Alcoholic Beverages 30.4 1.5 5.3 0.4 3.9 2.7 37.2
Alcoholic Beverages, Tobacco 0.9 -0.1 1.4 0.3 7.0 7.4 96.5
Restaurants & Hotels (Food Component) 5.5 0.6 0.7 2.1 4.5 6.1 38.4
II. Non-Food Group 63.2 -0.4 0.5 2.4 17.4 20.7 16.3
Clothing & Footwear 8.0 0.4 0.7 1.2 16.6 17.5 16.0
Housing, Water, Elec., Gas and Other Fuels 27.0 -1.4 0.0 1.1 29.0 32.1 5.3
Furnishing & Household Equip. Maintenance 4.1 0.1 0.5 2.4 6.9 9.4 41.4
Health 2.3 1.0 1.7 2.1 18.9 20.2 22.5
Transport 6.1 -0.6 1.4 6.1 3.1 10.0 20.7
Communication 2.4 0.0 0.0 0.0 11.7 11.7 8.9
Recreation and Culture 1.7 1.3 0.6 3.6 6.0 8.4 61.7
Education 4.9 0.4 0.0 3.6 9.8 13.3 8.7
Restaurants & Hotels (Non-Food Component) 1.9 0.5 0.2 1.9 19.3 21.0 25.9
Miscellaneous 4.8 0.8 1.4 3.5 10.1 13.0 39.3
Urban CPI 100.0 0.3 2.0 1.6 11.7 13.2 25.0

Table 7.3: Rural CPI Inflation by Groups (in percent)

MoM Change YoY Change
Groups Weights
Aug-24 Jul-24 Aug-23 Aug-24 Jul-24 Aug-23
I. Food Group 45.9 1.3 3.6 0.8 1.9 1.3 40.6
Food & Non-Alcoholic Beverages 40.9 1.4 4.0 0.8 0.9 0.3 39.9
Alcoholic Beverages, Tobacco 1.3 0.5 1.8 0.5 6.7 6.7 98.6
Restaurants & Hotels (Food Component) 3.8 0.9 0.7 1.2 10.7 11.0 31.8
II. Non-Food Group 54.1 -0.2 0.9 3.1 11.9 15.5 22.0
Clothing & Footwear 9.5 0.4 1.1 1.2 18.1 19.0 21.5
Housing, Water, Elec., Gas & Other Fuels 18.5 -1.5 0.2 1.1 8.6 11.5 8.3
Furnishing & Household Equip. Maintenance 4.1 0.3 0.7 2.2 11.3 13.4 42.2
Health 3.5 0.7 1.5 2.0 16.6 18.1 22.6
Transport 5.6 -1.0 1.4 11.0 3.3 15.9 26.8
Communication 2.0 0.1 0.2 0.8 15.6 16.4 3.4
Recreation and Culture 1.4 0.9 0.5 3.2 10.9 13.3 60.9
Education 2.1 1.3 0.3 2.8 23.0 24.8 17.1
Restaurants & Hotels (Non-Food) Component) 2.4 0.7 4.2 1.6 21.2 22.3 31.3
Miscellaneous 5.0 1.5 1.0 4.4 13.5 16.8 43.0
Rural CPI 100.0 0.6 2.2 1.9 6.7 8.1 30.9
30 Inflation Monitor - August 2024

Table 7.4: Top Ten Contributors to Urban CPI Inflation (YoY) – August 2024
Sr. Weighted YoY Change
Items/Contributors Weights Contribution (%)
No. Aug-24 Aug-23 Jul-24
A. Ranked by Weighted Contribution
1 Gas Charges 1.1 44.8 318.7 62.8 318.7
2 Fresh Vegetables 1.5 8.4 76.4 -8.7 30.1
3 Milk Fresh 7.1 6.2 10.1 29.3 10.4
4 House Rent 19.3 5.9 5.4 5.3 5.4
5 Cotton Cloth 2.2 4.5 24.2 21.1 24.6
6 Onions 0.6 4.1 136.3 -31.5 83.2
7 Meat 2.0 3.8 19.0 18.7 19.5
8 Education 4.9 3.1 9.8 8.7 13.3
9 Transport Services 1.8 3.1 22.9 16.6 29.1
10 Marriage Hall Charges 1.8 2.8 20.0 25.8 21.8
Total 42.2 86.6
B. Ranked by Percentage Change
1 Gas Charges 1.1 44.8 318.7 62.8 318.7
2 Motor Vehicle Tax 0.1 0.4 168.8 0.0 0.0
3 Onions 0.6 4.1 136.3 -31.5 83.2
4 Fresh Vegetables 1.5 8.4 76.4 -8.7 30.1
5 Pulse Gram 0.2 0.5 42.4 2.4 39.2
6 Besan 0.1 0.2 31.2 13.5 26.4
7 Fish 0.4 0.6 29.0 21.8 30.0
8 Dental Services 0.0 0.0 28.8 10.9 30.2
9 Fresh Fruits 1.4 2.5 27.3 16.7 10.3
10 Pulse Moong 0.2 0.3 25.1 27.6 24.4
Total 5.5 61.8
C. Ranked by Weights
1 House Rent 19.3 5.9 5.4 5.3 318.7
2 Milk Fresh 7.1 6.2 10.1 29.3 0.0
3 Readymade Food 5.5 2.4 4.5 38.4 83.2
4 Education 4.9 3.1 9.8 8.7 30.1
5 Electricity Charges 4.6 2.5 5.5 -8.2 39.2
6 Wheat Flour 3.0 -14.0 -34.5 99.7 26.4
7 Appliances/Articles/Products For Personal 3.0 2.1 7.9 40.3 30.0
8 Motor Fuel 2.9 -1.8 -4.5 21.0 30.2
9 Cotton Cloth 2.2 4.5 24.2 21.1 10.3
10 Meat 2.0 3.8 19.0 18.7 24.4
Total 54.5 14.6
Note: Weighted contribution is estimated by multiplying the weights by the price change of an item; this
is then reported as a share in YoY change in Urban CPI, which is 11.7 percent in August 2024.
 State Bank of Pakistan 31

Table 7.5: Top Ten Contributors to Rural CPI Inflation (YoY) – August 2024
Sr. Weighted YoY Change
Items/Contributors Weights Contribution (%)
No. Aug-24 Aug-23 Jul-24
A. Ranked by Weighted Contribution
1 Fresh Vegetables 2.1 14.3 57.3 -0.6 26.1
2 Milk Fresh 10.4 13.8 9.8 34.8 10.6
3 Onions 0.9 9.7 144.3 -36.0 112.0
4 Cotton Cloth 2.8 8.8 22.1 20.0 22.4
5 Solid Fuel 4.5 6.9 11.4 29.8 11.6
6 Readymade Food 3.8 6.6 10.7 31.8 11.0
7 Marriage Hall Charges 2.3 6.0 21.8 32.6 22.9
8 House Rent 8.6 5.8 7.1 7.5 7.1
9 Meat 1.7 5.8 21.5 18.9 20.4
10 Transport Services 1.8 5.8 19.5 38.2 46.7
Total 38.9 83.3
B. Ranked by Percentage Change
1 Onions 0.9 9.7 144.3 -36.0 112.0
2 Motor Vehicle Tax 0.0 0.2 126.6 0.0 0.0
3 Fresh Vegetables 2.1 14.3 57.3 -0.6 26.1
4 Pulse Gram 0.3 1.3 39.2 3.1 32.9
5 Woolen Readymade Garments 0.5 2.4 38.4 17.6 38.4
6 Beans 0.1 0.5 30.5 38.4 36.0
7 Pulse Moong 0.3 0.8 29.5 25.3 28.0
8 Milk Powder 0.1 0.4 28.4 48.1 38.4
9 Butter 0.3 1.2 26.1 24.2 23.8
10 Fresh Fruits 1.5 3.9 25.1 21.8 12.0
Total 6.1 34.6
C. Ranked by Weights
1 Milk Fresh 10.4 13.8 9.8 34.8 10.6
2 House Rent 8.6 5.8 7.1 7.5 7.1
3 Solid Fuel 4.5 6.9 11.4 29.8 11.6
4 Readymade Food 3.8 6.6 10.7 31.8 11.0
5 Wheat 3.5 -24.8 -33.3 67.9 -32.5
6 Electricity Charges 3.4 3.0 5.5 -8.2 14.3
7 Wheat Flour 3.4 -25.8 -34.5 98.2 -30.9
8 Cotton Cloth 2.8 8.8 22.1 20.0 22.4
9 Motor Fuels 2.5 -3.0 -5.2 22.5 5.2
10 Vegetable Ghee 2.4 -3.5 -6.9 -2.1 -9.9
Total 45.3 -12.2
Note: Weighted contribution is estimated by multiplying the weights by the price change of an item; this
is then reported as a share in YoY change in Rural CPI, which is 6.7 percent in August 2024.
32 Inflation Monitor - August 2024

Table 7.6: Inflation (CPI, WPI, SPI, Core)

CPI WPI Core Inflation
Period
General Food Non-food SPI** NFNE* Trimmed
General Food Non-food
National Urban Rural Urban Rural Urban Rural Urban Rural Urban Rural
Annual Average
FY22 12.2 11.8 12.7 13.4 13.0 10.8 12.3 24.9 13.1 32.0 16.9 8.1 9.0 10.4 11.2
FY23 29.2 26.9 32.6 37.6 41.1 20.1 24.8 32.8 35.5 31.4 36.8 16.2 20.6 24.1 30.7
FY24 23.4 24.1 22.4 22.1 21.6 25.5 23.3 20.2 19.9 20.3 32.1 16.1 22.7 19.1 22.7
Year-on-Year
Aug-23 27.4 25.0 30.9 38.8 40.6 16.3 22.0 24.3 36.6 18.5 28.7 18.4 25.9 23.0 30.5
Sep-23 31.4 29.7 33.9 33.9 35.4 26.8 32.3 26.4 33.1 23.1 32.4 18.6 27.3 25.0 33.3
Oct-23 26.8 25.5 28.7 28.9 28.6 23.1 28.8 24.6 27.1 23.3 35.4 18.5 26.7 24.6 30.4
Nov-23 29.2 30.4 27.5 29.8 29.2 30.9 25.9 26.4 27.5 25.9 34.7 18.6 25.9 22.9 27.9
Dec-23 29.7 30.9 27.9 28.8 29.3 32.4 26.4 27.3 25.9 28.1 43.0 18.2 25.1 23.3 28.0
Jan-24 28.3 30.2 25.7 27.4 25.1 32.3 26.3 27.0 23.8 28.7 43.9 17.8 24.6 22.1 25.8
Feb-24 23.1 24.9 20.5 20.2 19.0 28.2 22.1 18.7 16.9 19.6 36.3 15.5 21.9 16.0 21.3
Mar-24 20.7 21.9 19.0 16.6 17.1 25.8 21.0 14.8 12.3 16.1 31.9 12.8 20.0 14.8 18.4
Apr-24 17.3 19.4 14.5 11.3 9.5 25.6 20.0 13.9 8.7 16.8 28.8 13.1 19.3 13.4 15.0
May-24 11.8 14.3 8.2 2.2 -0.1 23.6 17.2 9.9 1.6 14.7 22.0 12.3 17.0 11.0 10.6
Jun-24 12.6 14.9 9.3 2.6 1.3 24.3 17.9 10.6 2.7 15.2 23.0 12.2 17.0 10.3 11.0
Jul-24 11.1 13.2 8.1 3.4 1.3 20.7 15.5 10.4 5.9 12.9 23.0 11.7 16.9 10.3 11.3
Aug-24 9.6 11.7 6.7 4.1 1.9 17.4 11.9 6.3 5.9 6.5 17.1 10.2 14.4 8.0 9.6
12- Month Moving Average
Aug-23 29.4 26.9 33.1 39.4 42.7 19.1 24.1 30.1 37.3 26.4 35.1 17.1 22.2 23.7 30.6
Sep-23 30.0 27.6 33.6 39.5 42.8 20.0 25.2 29.1 37.5 24.9 34.8 17.4 23.0 24.4 31.1
Oct-23 30.0 27.6 33.5 38.8 41.7 20.4 25.7 28.4 36.9 24.2 35.3 17.7 23.7 24.9 31.0
Nov-23 30.4 28.3 33.4 38.6 41.1 21.7 26.0 28.3 36.7 24.1 35.7 18.1 24.3 24.8 30.8
Dec-23 30.8 29.1 33.2 38.1 40.2 23.2 26.5 28.3 36.1 24.4 36.8 18.3 24.8 24.5 30.5
Jan-24 30.8 29.5 32.5 37.0 38.4 24.6 26.9 28.1 34.9 24.7 37.8 18.5 25.2 25.0 29.7
Feb-24 30.0 29.2 31.2 35.0 35.9 25.2 26.5 26.7 32.8 23.6 37.7 18.3 25.2 21.9 30.1
Mar-24 28.7 28.2 29.5 32.4 33.0 25.3 25.9 24.8 29.9 22.2 36.7 17.8 24.8 20.8 28.6
Apr-24 27.1 27.0 27.2 29.3 29.4 25.4 25.0 23.1 26.8 21.2 35.3 17.3 24.3 21.9 26.8
May-24 24.9 25.2 24.4 25.4 24.9 25.1 23.8 21.2 22.9 20.3 33.3 16.6 23.4 20.2 25.0
Jun-24 23.4 24.1 22.4 22.1 21.6 25.5 23.3 20.2 19.9 20.3 32.1 16.1 22.7 19.1 22.7
Jul-24 21.9 22.9 20.4 19.1 18.3 25.7 22.6 19.0 17.3 20.0 31.5 15.5 22.0 17.1 20.1
Aug-24 20.4 21.7 18.4 16.3 15.3 25.7 21.7 17.5 14.9 18.8 30.3 14.8 21.0 16.0 19.1
Period Average (Since July)
Aug-23 27.8 25.6 31.1 39.5 40.9 16.8 22.0 23.7 37.3 17.2 28.8 18.4 25.3 22.7 29.7
Sep-23 29.0 27.0 32.0 37.5 39.0 20.0 25.3 24.6 35.8 19.2 30.1 18.5 26.0 20.6 30.7
Oct-23 28.5 26.6 31.2 35.2 36.2 20.8 26.2 24.6 33.5 20.2 31.4 18.5 26.2 20.7 30.5
Nov-23 28.6 27.4 30.4 34.1 34.7 22.8 26.1 25.0 32.3 21.3 32.1 18.5 26.1 23.3 29.6
Dec-23 28.8 28.0 30.0 33.2 33.7 24.4 26.2 25.4 31.2 22.4 33.9 18.4 25.9 22.7 29.2
Jan-24 28.7 28.3 29.3 32.3 32.4 25.6 26.2 25.6 30.1 23.3 35.4 18.3 25.7 23.2 28.7
Feb-24 28.0 27.9 28.1 30.6 30.5 25.9 25.7 24.7 28.2 22.8 35.5 18.0 25.2 21.1 27.4
Mar-24 27.1 27.1 27.0 28.9 28.8 25.9 25.1 23.4 26.2 22.0 35.1 17.4 24.6 21.4 26.3
Apr-24 26.0 26.3 25.6 26.8 26.5 25.9 24.5 22.4 24.2 21.4 34.3 16.9 24.0 19.1 26.1
May-24 24.5 25.1 23.8 24.2 23.7 25.7 23.8 21.1 21.8 20.8 33.1 16.4 23.3 20.1 24.2
Jun-24 23.4 24.1 22.4 22.1 21.6 25.5 23.3 20.2 19.9 20.3 32.1 16.1 22.7 19.1 22.7
Jul-24 11.1 13.2 8.1 3.4 1.3 20.7 15.5 10.4 5.9 12.9 23.0 11.7 16.9 10.3 11.3
Aug-24 10.4 12.4 7.4 3.7 1.6 19.1 13.7 8.3 5.9 9.6 20.0 11.0 15.6 9.2 10.4
Month-on-Month
Aug-23 1.7 1.6 1.9 0.6 0.8 2.4 3.1 4.2 1.1 5.9 5.5 1.8 2.8 1.5 1.4
Sep-23 2.0 1.7 2.5 1.5 1.8 1.8 3.2 3.1 2.3 3.6 2.2 1.0 2.6 1.1 1.7
Oct-23 1.0 1.1 0.9 0.6 0.7 1.4 1.1 -1.9 -1.3 -2.2 -0.3 1.2 1.0 0.6 0.7
Nov-23 2.7 4.3 0.4 0.8 1.0 7.0 -0.2 1.4 -1.1 2.8 4.4 0.9 1.4 0.1 0.5
Dec-23 0.8 0.7 1.0 -0.7 0.1 1.8 1.8 0.0 0.2 -0.1 6.4 0.8 0.9 0.3 0.7
Jan-24 1.8 1.8 1.9 2.8 2.3 1.1 1.4 1.5 2.3 1.0 2.0 1.1 1.2 1.0 1.2
Feb-24 0.0 0.2 -0.3 -1.5 -1.1 1.5 0.6 1.1 -0.7 2.1 -0.1 0.3 0.4 0.3 0.4
Mar-24 1.7 1.4 2.1 2.4 2.8 0.7 1.4 1.3 2.1 0.8 2.3 0.1 0.8 0.6 0.9
Apr-24 -0.4 -0.1 -0.9 -1.3 -2.6 0.8 0.8 -0.7 -1.1 -0.5 0.0 2.1 2.0 0.5 0.6
May-24 -3.2 -2.8 -3.9 -6.3 -7.4 -0.4 -0.4 -2.5 -4.3 -1.6 -4.0 0.4 0.5 -0.5 -0.9
Jun-24 0.5 0.6 0.3 0.4 -0.2 0.7 0.8 0.4 1.3 -0.1 0.9 0.6 0.9 0.6 0.5
Jul-24 2.1 2.0 2.2 4.5 3.6 0.5 0.9 2.3 5.2 0.8 2.1 0.7 1.1 1.2 1.7
Aug-24 0.4 0.3 0.6 1.3 1.3 -0.4 -0.2 0.3 1.1 -0.1 0.4 0.4 0.6 0.2 0.4
* Non-Food Non-Energy, ** SPI for all expenditure groups combined
 State Bank of Pakistan 33

Table 7.7: National CPI Inflation by Groups

Housing, Water, Elec.,

Household Equipment
Perishable Food Items
Non-Perishable Food

Gas and Other Fuels

Alcoholic Beverages,
Alcoholic Beverages

Misc. Goods and

Restaurants and
Communication
Furnishing and

Recreation and
Food and Non-

Clothing and

Maintenance

Transport

Education
Footwear
Tobacco

Services
General

Culture
Health
Period

Hotels
Items Year-on-Year
Aug-23 27.4 38.5 42.8 12.7 97.5 18.5 6.3 41.7 22.6 23.0 7.0 61.4 10.5 34.1 40.8
Sep-23 31.4 33.1 38.4 4.4 87.5 20.6 29.7 39.3 25.3 31.3 7.4 58.8 11.1 34.3 36.4
Oct-23 26.8 26.8 33.0 -1.9 84.6 20.6 20.5 37.1 25.2 30.1 7.4 56.3 12.8 33.1 35.2
Nov-23 29.2 28.0 31.7 9.6 82.8 20.9 33.0 34.5 24.9 26.5 7.4 53.6 13.6 31.5 34.3
Dec-23 29.7 27.5 28.7 20.7 82.8 20.7 37.7 32.5 23.4 28.6 7.4 38.5 13.5 30.7 31.6
Jan-24 28.3 25.0 24.0 30.7 82.6 21.0 38.6 31.2 21.5 26.2 20.3 32.6 13.5 28.3 28.9
Feb-24 23.1 18.1 18.1 18.7 66.6 20.2 36.1 25.6 19.3 15.0 17.8 28.4 13.0 22.4 24.1
Mar-24 20.7 17.2 13.3 42.2 3.6 16.1 36.6 20.6 19.6 11.2 14.6 24.7 12.3 18.9 22.0
Apr-24 17.3 9.7 6.8 28.5 3.4 19.1 35.7 17.8 18.6 12.5 14.5 11.8 15.4 19.5 19.5
May-24 11.8 -0.2 -1.8 11.2 2.9 18.0 33.0 13.8 19.4 10.4 13.5 8.0 16.0 13.7 14.7
Jun-24 12.6 1.0 -1.8 20.8 5.8 17.8 35.3 12.4 19.8 10.4 13.7 10.0 15.9 11.9 14.4
Jul-24 11.1 1.6 -2.3 29.2 7.1 18.2 25.3 11.1 19.1 12.2 13.3 10.2 15.9 11.2 14.6
Aug-24 9.6 2.5 -2.6 41.0 6.9 17.3 22.2 8.7 17.8 3.2 13.0 7.8 12.8 10.0 11.5
12- Month Moving Average
Aug-23 29.4 40.4 40.4 40.4 79.4 19.3 11.3 35.6 18.6 40.6 4.4 49.8 9.6 33.9 33.1
Sep-23 30.0 40.4 41.1 35.7 83.7 19.6 13.4 36.7 19.5 38.1 4.9 52.7 9.7 34.3 34.2
Oct-23 30.0 39.3 41.1 28.5 87.5 19.7 14.1 37.5 20.3 36.3 5.4 55.3 9.9 34.5 35.1
Nov-23 30.4 38.8 41.1 25.4 90.7 19.9 16.1 37.8 21.0 34.9 5.9 57.4 10.1 34.6 36.0
Dec-23 30.8 37.9 40.5 23.0 93.8 20.2 18.7 37.9 21.4 33.9 6.3 56.8 10.3 34.8 36.3
Jan-24 30.8 36.3 38.9 21.6 96.8 20.6 21.4 37.9 21.7 32.8 7.9 55.2 10.6 34.5 36.2
Feb-24 30.0 33.9 36.4 19.7 96.9 20.8 23.3 37.0 21.7 29.9 9.1 53.0 10.8 33.3 35.2
Mar-24 28.7 31.4 33.4 19.8 80.6 20.3 25.0 35.2 21.7 26.5 9.8 50.2 11.2 31.6 34.0
Apr-24 27.1 28.1 29.5 19.9 67.0 20.1 26.5 33.1 21.7 23.3 10.4 44.8 11.8 29.9 32.2
May-24 24.9 24.0 24.9 18.3 55.6 19.7 27.5 30.5 21.6 20.3 11.0 39.0 12.4 27.5 29.7
Jun-24 23.4 20.8 21.2 18.1 46.5 19.4 29.4 27.9 21.7 19.4 11.6 34.0 13.0 25.3 27.5
Jul-24 21.9 17.7 17.5 18.7 39.0 19.2 30.5 25.3 21.4 19.2 12.1 29.6 13.7 23.3 25.4
Aug-24 20.4 14.8 13.9 20.8 32.3 19.1 31.9 22.6 21.0 17.5 12.6 25.4 13.8 21.3 23.0
Period Average (Since July)
Aug-23 27.8 39.0 42.5 18.0 99.8 19.4 8.5 41.7 22.0 18.3 6.9 63.6 9.2 34.4 40.1
Sep-23 29.0 37.0 41.1 13.0 95.5 19.8 14.8 40.9 23.1 22.7 7.1 61.9 9.9 34.4 38.8
Oct-23 28.5 34.3 39.0 8.4 92.6 20.0 16.2 39.9 23.7 24.5 7.2 60.5 10.6 34.0 37.9
Nov-23 28.6 32.9 37.4 8.7 90.6 20.2 19.5 38.8 23.9 24.9 7.2 59.0 11.2 33.5 37.1
Dec-23 28.8 32.0 35.9 10.7 89.2 20.3 22.6 37.7 23.8 25.5 7.2 55.1 11.6 33.0 36.2
Jan-24 28.7 30.9 34.0 13.5 88.2 20.4 24.9 36.7 23.5 25.6 9.1 51.4 11.9 32.3 35.0
Feb-24 28.0 29.1 31.8 14.1 85.2 20.4 26.4 35.1 22.9 24.2 10.2 48.1 12.0 30.9 33.5
Mar-24 27.1 27.6 29.4 17.4 70.2 19.9 27.5 33.3 22.5 22.6 10.7 45.0 12.0 29.4 32.1
Apr-24 26.0 25.5 26.8 18.5 59.8 19.8 28.4 31.5 22.1 21.4 11.1 40.8 12.4 28.3 30.6
May-24 24.5 22.8 23.7 17.9 52.1 19.6 28.8 29.6 21.8 20.3 11.4 36.9 12.7 26.8 28.9
Jun-24 23.4 20.8 21.2 18.1 46.5 19.4 29.4 27.9 21.7 19.4 11.6 34.0 13.0 25.3 27.5
Jul-24 11.1 1.6 -2.3 29.2 7.1 18.2 25.3 11.1 19.1 12.2 13.3 10.2 15.9 11.2 14.6
Aug-24 10.4 2.0 -2.5 35.0 7.0 17.7 23.8 9.9 18.5 7.5 13.2 9.0 14.3 10.6 13.0
Month-on-Month
Aug-23 1.7 0.6 1.5 -5.8 0.4 1.2 1.1 2.3 2.0 7.9 0.3 3.5 3.4 1.8 3.9
Sep-23 2.0 1.6 0.9 7.5 0.5 2.1 0.5 1.7 4.5 9.1 0.4 0.4 0.6 2.4 0.6
Oct-23 1.0 0.6 -1.1 13.0 0.3 1.1 3.0 1.3 2.8 -2.7 0.3 0.4 2.5 1.6 0.0
Nov-23 2.7 1.0 0.1 6.2 0.2 2.4 11.0 0.9 1.7 -2.8 0.1 0.1 1.0 0.7 1.6
Dec-23 0.8 -0.5 0.1 -3.7 0.5 0.6 3.6 0.9 0.7 0.8 0.0 0.0 0.2 0.7 1.0
Jan-24 1.8 2.9 2.4 6.3 0.1 0.7 2.5 0.6 0.3 -2.4 12.1 0.1 0.1 1.3 1.0
Feb-24 0.0 -1.6 -1.0 -5.4 0.1 0.5 1.8 0.5 0.3 2.1 0.0 0.0 0.0 0.3 0.8
Mar-24 1.7 2.9 -0.3 22.7 0.1 1.7 1.5 0.9 0.6 -0.2 0.1 0.1 0.7 0.8 0.8
Apr-24 -0.4 -2.4 -1.4 -7.3 0.1 4.5 -1.8 0.4 0.3 2.8 0.0 0.8 4.6 1.1 2.0
May-24 -3.2 -7.8 -5.5 -20.1 0.2 0.5 -1.3 0.4 1.6 -1.6 -0.4 1.4 1.4 -0.8 0.2
Jun-24 0.5 0.1 -0.9 6.8 2.9 0.9 1.5 0.3 1.4 -2.2 0.2 2.6 0.3 -0.3 0.8
Jul-24 2.1 4.7 3.3 13.0 1.6 0.9 0.1 0.6 1.6 1.4 0.1 0.5 0.1 1.0 1.2
Aug-24 0.4 1.5 1.2 2.9 0.2 0.4 -1.4 0.2 0.9 -0.7 0.0 1.1 0.6 0.7 1.1
3-Years Average (in current month during FY23-FY25)
YoY 21.4 23.5 23.0 29.2 43.4 17.8 18.7 24.1 17.4 29.7 7.1 30.3 11.1 23.8 24.1
MoM 1.5 1.1 1.2 0.1 1.1 1.5 1.7 1.6 1.3 2.3 0.1 3.6 1.7 1.6 2.6
34 Inflation Monitor - August 2024

Table 7.8: Urban CPI Inflation by Groups

Housing, Water, Elec.,

Household Equipment
Perishable Food Items
Non-Perishable Food

Gas and Other Fuels

Alcoholic Beverages,
Alcoholic Beverages

Misc. Goods and

Restaurants and
Communication
Furnishing and

Recreation and
Food and Non-

Clothing and

Maintenance

Transport

Education
Footwear
Tobacco

Services
General

Culture
Health
Period

Hotels
Items
Year-on-Year
Aug-23 25.0 37.2 41.8 10.6 96.5 16.0 5.3 41.4 22.5 20.7 8.9 61.7 8.7 35.4 39.3
Sep-23 29.7 32.2 37.3 4.9 84.8 17.6 28.3 37.7 26.9 27.4 9.4 58.9 9.1 34.2 34.7
Oct-23 25.5 27.0 32.9 -0.2 82.7 17.5 19.2 34.4 28.1 26.6 9.2 56.5 11.4 32.5 32.7
Nov-23 30.4 28.4 32.0 10.9 79.8 18.3 40.2 31.9 27.5 23.5 9.3 54.7 12.6 31.0 32.4
Dec-23 30.9 27.4 28.9 19.4 80.9 18.0 45.3 30.0 27.3 25.8 9.2 36.4 12.7 29.9 30.5
Jan-24 30.2 26.5 26.0 29.5 80.9 17.9 46.4 29.2 23.4 24.0 21.1 30.9 12.7 26.7 27.8
Feb-24 24.9 19.0 19.0 19.1 60.2 16.7 43.8 23.5 19.8 12.8 17.8 26.3 12.5 21.9 23.1
Mar-24 21.9 17.1 13.3 40.4 3.0 11.7 44.0 17.9 20.2 8.4 13.7 22.7 11.5 18.1 20.8
Apr-24 19.4 10.6 8.1 26.4 2.8 17.6 43.3 15.4 18.2 9.5 13.5 10.7 13.3 18.7 17.7
May-24 14.3 1.1 -0.3 10.5 2.5 17.4 40.6 12.3 20.5 8.3 12.1 7.2 13.5 11.9 13.3
Jun-24 14.9 1.8 -0.5 17.6 6.4 17.3 42.7 10.9 21.7 8.5 12.4 8.3 13.3 9.8 12.6
Jul-24 13.2 2.7 -0.9 27.2 7.4 17.5 32.1 9.4 20.2 10.0 11.7 8.4 13.3 9.3 13.0
Aug-24 11.7 3.9 -1.4 44.0 7.0 16.6 29.0 6.9 18.9 3.1 11.7 6.0 9.8 7.7 10.1
12- Month Moving Average
Aug-23 26.9 38.4 38.4 38.4 80.1 18.9 9.1 35.3 17.4 39.5 5.5 49.0 8.4 35.4 33.0
Sep-23 27.6 38.4 39.1 34.1 84.1 18.8 11.3 36.4 18.7 36.8 6.2 52.1 8.3 35.7 34.0
Oct-23 27.6 37.5 39.2 27.5 87.6 18.7 12.1 36.9 19.9 34.8 6.8 54.9 8.4 35.7 34.6
Nov-23 28.3 37.3 39.4 24.8 90.5 18.6 14.9 37.0 21.0 33.2 7.4 57.4 8.5 35.7 35.2
Dec-23 29.1 36.7 39.2 22.5 93.3 18.6 18.4 36.8 22.2 32.1 8.0 56.7 8.7 35.7 35.5
Jan-24 29.5 35.5 38.1 21.1 96.0 18.7 21.9 36.6 22.7 31.0 9.7 54.9 8.9 35.1 35.3
Feb-24 29.2 33.4 35.9 19.5 95.0 18.7 24.7 35.5 22.8 28.0 10.8 52.4 9.1 33.8 34.2
Mar-24 28.2 31.0 33.0 19.6 78.8 17.7 27.2 33.5 22.9 24.4 11.2 49.4 9.6 31.8 32.9
Apr-24 27.0 28.0 29.5 19.7 65.3 17.4 29.6 31.2 22.8 21.0 11.6 43.9 10.2 30.0 31.0
May-24 25.2 24.2 25.3 18.1 54.0 17.2 31.4 28.6 22.8 18.0 11.9 38.1 10.8 27.1 28.4
Jun-24 24.1 21.1 21.7 17.6 45.3 17.0 34.0 26.0 23.0 17.0 12.2 33.1 11.4 24.7 26.1
Jul-24 22.9 18.1 18.2 17.9 37.9 16.9 35.9 23.4 22.9 16.6 12.4 28.5 12.1 22.4 23.9
Aug-24 21.7 15.5 14.7 20.4 31.4 17.0 37.9 20.6 22.5 15.1 12.6 24.2 12.2 20.1 21.5
Period Average (Since July)
Aug-23 25.6 38.0 41.4 17.5 99.5 17.3 7.4 41.2 22.2 17.1 9.0 63.7 7.1 35.6 39.2
Sep-23 27.0 36.0 40.0 12.9 94.4 17.4 13.6 40.0 23.8 20.6 9.1 62.1 7.8 35.1 37.6
Oct-23 26.6 33.6 38.1 8.9 91.3 17.4 15.0 38.5 24.9 22.1 9.1 60.6 8.7 34.4 36.4
Nov-23 27.4 32.5 36.9 9.4 88.9 17.6 20.0 37.1 25.4 22.4 9.2 59.4 9.5 33.7 35.5
Dec-23 28.0 31.6 35.5 11.0 87.5 17.7 24.1 35.9 25.8 22.9 9.2 55.0 10.0 33.0 34.7
Jan-24 28.3 30.8 34.0 13.6 86.5 17.7 27.3 34.8 25.4 23.1 10.9 51.0 10.4 32.1 33.6
Feb-24 27.9 29.2 31.9 14.3 82.7 17.6 29.5 33.3 24.6 21.7 11.8 47.4 10.7 30.7 32.1
Mar-24 27.1 27.7 29.5 17.3 68.2 16.9 31.1 31.3 24.1 20.0 12.0 44.1 10.8 29.1 30.7
Apr-24 26.3 25.7 27.0 18.3 58.0 16.9 32.4 29.5 23.5 18.9 12.2 39.9 11.0 27.9 29.2
May-24 25.1 23.1 24.1 17.6 50.6 17.0 33.2 27.7 23.2 17.8 12.1 36.0 11.3 26.2 27.5
Jun-24 24.1 21.1 21.7 17.6 45.3 17.0 34.0 26.0 23.0 17.0 12.2 33.1 11.4 24.7 26.1
Jul-24 13.2 2.7 -0.9 27.2 7.4 17.5 32.1 9.4 20.2 10.0 11.7 8.4 13.3 9.3 13.0
Aug-24 12.4 3.3 -1.2 35.2 7.2 17.0 30.5 8.2 19.6 6.5 11.7 7.2 11.6 8.5 11.5
Month-on-Month
Aug-23 1.6 0.4 1.8 -8.9 0.3 1.2 1.1 2.4 2.1 6.1 0.0 3.6 3.6 2.0 3.5
Sep-23 1.7 1.6 0.7 8.1 0.4 1.5 0.2 1.4 4.7 7.8 0.5 0.2 0.4 1.8 0.4
Oct-23 1.1 0.7 -1.1 12.7 0.1 0.9 3.0 0.9 2.7 -2.8 0.3 0.1 3.2 1.7 -0.1
Nov-23 4.3 0.8 0.0 6.2 0.0 2.0 17.6 0.7 1.1 -2.6 0.1 0.0 1.3 0.6 1.5
Dec-23 0.7 -1.0 -0.3 -5.3 0.8 0.4 3.1 0.8 0.9 1.2 0.0 0.0 0.3 0.8 0.9
Jan-24 1.8 3.3 2.7 7.0 0.1 0.5 2.1 0.4 0.2 -1.9 11.0 0.1 0.1 1.0 0.9
Feb-24 0.2 -1.9 -1.3 -5.4 0.1 0.3 2.4 0.7 0.1 2.2 0.0 0.0 0.0 0.3 0.8
Mar-24 1.4 2.8 -0.4 21.9 0.0 1.2 1.2 0.5 0.7 -0.5 0.0 0.1 0.4 0.9 0.7
Apr-24 -0.1 -1.7 -0.5 -7.7 0.0 6.5 -1.5 0.3 0.2 2.5 0.0 0.5 2.3 1.1 1.6
May-24 -2.8 -7.4 -5.3 -18.7 0.2 0.2 -1.2 0.1 2.5 -1.1 -0.6 1.6 1.0 -1.3 0.0
Jun-24 0.6 0.5 -0.4 6.5 3.8 1.0 1.4 0.3 1.7 -2.0 0.3 1.5 0.1 -0.6 0.6
Jul-24 2.0 5.3 3.6 15.2 1.4 0.7 0.0 0.5 1.7 1.4 0.0 0.6 0.0 0.6 1.4
Aug-24 0.3 1.5 1.2 3.2 -0.1 0.4 -1.4 0.1 1.0 -0.6 0.0 1.3 0.4 0.6 0.8
3-Years Average (in current month during FY23-FY25)
YoY 21.0 23.3 22.8 29.3 43.1 17.1 19.7 22.9 17.7 28.7 7.3 29.3 9.5 23.5 23.2
MoM 1.5 1.1 1.4 -1.0 1.2 1.7 1.6 1.6 1.5 1.8 0.0 3.7 1.6 1.6 2.6
 State Bank of Pakistan 35

Table 7.9: Rural CPI Inflation by Groups

Housing, Water, Elec.,

Household Equipment
Perishable Food Items
Non-Perishable Food

Gas and Other Fuels

Alcoholic Beverages,
Alcoholic Beverages

Misc. Goods and

Restaurants and
Communication
Furnishing and

Recreation and
Food and Non-

Clothing and

Maintenance

Transport

Education
Footwear
Tobacco

Services
General

Culture
Health
Period

Hotels
Items
Year-on-Year
Aug-23 30.9 39.9 43.9 15.2 21.5 98.68.3 42.2 22.6 26.8 3.4 60.9 17.1 31.6 43.0
Sep-23 33.9 34.1 39.7 3.8 24.2 90.532.7 41.7 23.7 37.7 3.6 58.5 18.7 34.6 38.9
Oct-23 28.7 26.6 33.2 -3.7 24.6 86.923.3 41.2 22.4 35.8 4.0 56.1 18.2 34.1 38.9
Nov-23 27.5 27.5 31.3 8.2 24.1 86.418.2 38.3 22.3 31.7 3.9 51.7 17.2 32.2 36.9
Dec-23 27.9 27.6 28.5 22.3 24.1 85.122.3 36.2 19.7 33.3 3.9 42.1 16.7 32.1 33.1
Jan-24 25.7 23.4 22.0 32.0 24.8 84.523.3 34.1 19.6 29.8 18.7 35.6 16.5 31.4 30.3
Feb-24 20.5 17.2 17.0 18.3 24.6 74.520.5 28.7 18.9 18.6 17.9 32.1 14.5 23.3 25.5
Mar-24 19.0 17.4 13.2 44.1 21.6 4.221.7 24.4 19.1 15.9 16.5 28.1 15.3 20.3 23.7
Apr-24 14.5 8.7 5.3 30.9 20.9 4.020.2 21.2 19.0 17.4 16.5 13.9 22.7 20.9 22.0
May-24 8.2 -1.5 -3.3 12.0 18.7 3.317.6 15.8 18.4 13.9 16.3 9.3 24.2 17.1 16.6
Jun-24 9.3 0.1 -3.1 24.5 18.5 5.220.2 14.4 18.0 13.6 16.4 12.9 24.4 15.7 16.8
Jul-24 8.1 0.3 -3.9 31.7 19.0 6.711.5 13.4 18.1 15.9 16.4 13.3 24.8 14.5 16.8
Aug-24 6.7 0.9 -3.9 37.7 18.1 6.78.6 11.3 16.6 3.3 15.6 10.9 23.0 14.0 13.5
12- Month Moving Average
Aug-23 33.1 42.7 42.7 42.6 78.5 19.8 16.1 36.0 19.7 42.5 2.3 51.1 14.1 31.2 33.1
Sep-23 33.6 42.5 43.3 37.6 83.3 20.4 18.0 37.2 20.4 40.5 2.5 53.7 14.8 31.7 34.4
Oct-23 33.5 41.3 43.2 29.7 87.3 21.1 18.5 38.3 20.7 39.0 2.7 55.9 15.5 32.2 35.9
Nov-23 33.4 40.5 42.9 26.0 91.1 21.6 18.7 39.0 20.9 37.7 2.9 57.3 16.0 32.6 37.1
Dec-23 33.2 39.3 42.0 23.6 94.5 22.2 19.5 39.5 20.7 36.8 3.1 57.1 16.4 33.1 37.5
Jan-24 32.5 37.2 39.8 22.1 97.7 22.8 20.2 39.7 20.6 35.9 4.6 55.7 16.8 33.5 37.5
Feb-24 31.2 34.5 37.0 19.9 99.1 23.4 20.4 39.0 20.6 33.2 5.9 53.9 17.0 32.5 36.7
Mar-24 29.5 31.8 33.8 20.0 82.6 23.4 20.3 37.7 20.6 30.1 7.0 51.6 17.2 31.1 35.6
Apr-24 27.2 28.2 29.5 20.2 68.9 23.3 20.2 35.9 20.6 27.2 8.2 46.3 17.6 29.7 34.0
May-24 24.4 23.7 24.6 18.6 57.3 22.8 19.6 33.2 20.5 24.3 9.3 40.5 18.1 28.1 31.6
Jun-24 22.4 20.4 20.7 18.7 48.0 22.4 20.0 30.6 20.3 23.6 10.4 35.7 18.7 26.6 29.5
Jul-24 20.4 17.1 16.8 19.6 40.2 22.1 19.7 28.1 20.1 23.7 11.5 31.6 19.3 25.0 27.6
Aug-24 18.4 14.1 13.0 21.3 33.4 21.8 19.7 25.5 19.6 21.5 12.5 27.6 19.9 23.5 25.1
Period Average (Since July)
Aug-23 31.1 40.2 43.6 18.6 100.1 22.0 10.8 42.4 21.9 20.2 3.1 63.3 17.1 32.3 41.3
Sep-23 32.0 38.1 42.3 13.0 96.8 22.7 17.4 42.2 22.5 26.1 3.3 61.7 17.6 33.1 40.5
Oct-23 31.2 35.0 39.9 7.8 94.2 23.2 18.8 41.9 22.5 28.5 3.5 60.2 17.7 33.3 40.1
Nov-23 30.4 33.4 38.1 7.9 92.6 23.4 18.7 41.2 22.5 29.2 3.5 58.4 17.6 33.1 39.4
Dec-23 30.0 32.4 36.4 10.3 91.3 23.5 19.3 40.3 22.0 29.8 3.6 55.4 17.5 32.9 38.3
Jan-24 29.3 30.9 34.1 13.3 90.3 23.7 19.9 39.3 21.6 29.8 5.8 52.2 17.3 32.7 37.0
Feb-24 28.1 29.0 31.6 13.9 88.1 23.8 20.0 37.9 21.2 28.3 7.3 49.3 17.0 31.4 35.4
Mar-24 27.0 27.5 29.3 17.4 72.5 23.5 20.2 36.2 21.0 26.8 8.3 46.6 16.8 30.0 34.0
Apr-24 25.6 25.3 26.4 18.8 61.8 23.3 20.2 34.4 20.8 25.7 9.2 42.4 17.4 29.0 32.6
May-24 23.8 22.5 23.2 18.2 53.8 22.8 19.9 32.4 20.6 24.6 9.8 38.5 18.1 27.8 30.9
Jun-24 22.4 20.4 20.7 18.7 48.0 22.4 20.0 30.6 20.3 23.6 10.4 35.7 18.7 26.6 29.5
Jul-24 8.1 0.3 -3.9 31.7 6.7 19.0 11.5 13.4 18.1 15.9 16.4 13.3 24.8 14.5 16.8
Aug-24 7.4 0.6 -3.9 34.7 6.7 18.6 10.0 12.3 17.3 9.2 16.0 12.1 23.9 14.3 15.1
Month-on-Month
Aug-23 1.9 0.8 1.1 -2.0 0.5 1.2 1.1 2.2 2.0 11.0 0.8 3.2 2.8 1.3 4.4
Sep-23 2.5 1.7 1.1 6.8 0.5 2.7 1.1 2.0 4.3 11.3 0.3 0.7 1.4 3.5 0.7
Oct-23 0.9 0.6 -1.1 13.4 0.6 1.3 3.0 1.8 2.8 -2.7 0.4 0.9 0.1 1.3 0.1
Nov-23 0.4 1.1 0.3 6.2 0.4 2.8 -2.4 1.1 2.2 -3.0 0.0 0.4 0.0 0.8 1.7
Dec-23 1.0 0.1 0.4 -1.9 0.2 0.8 4.6 1.0 0.5 0.3 0.0 0.0 0.0 0.6 1.0
Jan-24 1.9 2.5 2.0 5.6 0.1 1.0 3.4 0.8 0.4 -3.1 14.3 0.1 0.0 1.7 1.2
Feb-24 -0.3 -1.3 -0.6 -5.4 0.2 0.8 0.3 0.3 0.5 2.0 0.0 0.0 0.0 0.3 0.7
Mar-24 2.1 3.1 -0.2 23.7 0.1 2.2 2.2 1.4 0.4 0.4 0.2 0.2 2.0 0.8 0.9
Apr-24 -0.9 -3.1 -2.3 -6.9 0.1 2.2 -2.5 0.4 0.3 3.4 0.1 1.4 12.7 1.2 2.5
May-24 -3.9 -8.3 -5.8 -21.6 0.1 0.8 -1.6 0.7 0.8 -2.4 -0.1 1.0 2.8 0.1 0.4
Jun-24 0.3 -0.3 -1.5 7.2 2.0 0.9 1.7 0.3 1.1 -2.4 0.0 4.4 1.0 0.3 1.0
Jul-24 2.2 4.0 2.9 10.5 1.8 1.1 0.2 0.7 1.5 1.4 0.2 0.5 0.3 1.9 1.0
Aug-24 0.6 1.4 1.2 2.5 0.5 0.4 -1.5 0.3 0.7 -1.0 0.1 0.9 1.3 0.9 1.5
3-Years Average (in current month during FY23-FY25)
YoY 22.1 23.7 23.2 29.1 43.7 18.6 16.9 25.9 17.1 31.4 6.8 32.0 16.6 24.4 25.4
MoM 1.6 1.1 1.0 1.5 0.9 1.2 1.9 1.6 1.2 3.2 0.4 3.5 2.3 1.5 2.6
36 Inflation Monitor - August 2024

Technical Notes

1. All the three measures of inflation, viz. CPI (National, Urban and Rural), WPI and SPI are
computed by the following Laspeyres Index formula:
 Pj 
I t = ∑ w0j  t j 
j  P0 

Where It is price index, w0j is weight of commodity j in the overall basket, Pt j is price of
commodity j in period t and P0 j is its price in the base year.

2. Base year for all the indices is the year 2015-16.

3. CPI baskets for urban and rural areas contains 356 and 244 consumers’ items respectively; WPI
basket contains 419 items; SPI contains 51 items.

4. YoY inflation is the percent change of an index in a given month over the index in the same month
of the last year. It is computed as follows:
It
πt = ( − 1) × 100
I t −12
5. Period average inflation is the percent change of the average index during the period from
December to the given month of a fiscal year over the average index during the corresponding
period of the last year. It is computed as follows:

 t −ν 
 ∑ I t −i 
π t =  t −12i =−0ν − 1 × 100
 
 ∑ I t −12 −i 
 i =0 

Where v is the serial number of the month of December of current fiscal year in a given time series.
6. Monthly inflation is the percent change of an index in a given month over the index in the preceding
month. It is computed as follows:
It
πt = ( − 1) × 100
I t −1
7. 12-month moving average inflation (Long-run trend inflation) is the percent change of 12-month
moving average of a price index; it is computed as follows:
 11 
 ∑ I t −i 
~ 
π t = 11 i =0
− 1 × 100
 
 ∑ I t −12−i 
 i =0 
8. Core Inflation is defined as the persistent component of measured inflation that excludes volatile
and controlled prices. It reflects the normal supply and demand conditions in the economy. Core
inflation is computed by the following two methods i.e. NFNE inflation and trimmed inflation:
 State Bank of Pakistan 37

a) Non-food, Non-energy inflation (NFNE inflation); it is computed by excluding food group

and energy items (kerosene oil, petrol, diesel, CNG, electricity and natural gas) from the
CPI basket.

b) 20% trimmed-mean inflation; it is computed through the following steps:

i. All CPI items are arranged in ascending order according to YoY/12-month
moving average/monthly/period average changes in their price indices in a given
month.
ii. 20 percent of the items showing extreme changes are excluded with 10 percent
of the items at the top of the list (corresponding to cumulative weight of 90% or
more) and 10 percent of the items at the bottom of the list (corresponding to
cumulative weight of 10 percent or less).
iii. The weighted mean of the changes in price indices of the rest of the items is core
inflation.

9. Weighted contribution of different items (or sub-groups) to total inflation is worked out as below:
Let the overall index (It) is the weighted average of price indices of individual items or sub-
groups (Iit), i.e.

I t = ∑ wi ⋅ I it
i

The weighted contribution of a single item (or a sub-group) to overall inflation is defined as:

π 
C it = α it −12 ⋅ wi ⋅  it 
 πt 

Where C it : Contribution of ith item to the overall inflation

I it −12
α it −12 = ; i.e. ratio of item’s index to overall index in the reference month
I t −12

wi : Weights of ith item

π it : Inflation of ith item

π t : Overall inflation
38 Inflation Monitor - August 2024

List of Abbreviations
Abbreviation Stands for
CIF Cost, Insurance, and Freight
CNG Compressed Natural Gas
CPI Consumer Price Index
DAP Diammonium Phosphate
FY Fiscal year
HRI House Rent Index
ISSN International Standard Serial Number
KG Kilogram
MT Metric Tonne
NFNE Non-food,Non-energy
PBS Pakistan Bureau of Statistics
SPI Sensitive Price Indicator
WPI Wholesale Price Index
12MMA 12 Month Moving Average