ISLAMABAD , June 2, 2023: As bleak economic picture continues haunting the country’s economic managers and masses with each passing day, the consumer inflation peaked on annual basis in the month of May.
The Consumer Price Index (CPI)-based inflation swelled to 38 per cent on a year-on-year basis in May 2023 as compared to 36.4pc hike in the previous month and 13.8pc in May 2022.
Data compiled by the Pakistan Bureau of Statistics (PBS) shows that on a month-on-month basis, the consumer inflation increased to 1.6pc in May 2023 as compared to an increase of 2.4pc in the previous month and an increase of 0.4pc in May 2022.
Average CPI inflation for July-May 2022-23 stood at 29.16pc compared to versus 11.29pc during the same period of last year.
The CPI inflation Urban, increased to 35.1pc on a year-on-year basis in May 2023 as compared to an increase of 33.5pc in the previous month and 12.4pc in May 2022. On a MoM basis, it increased to 1.5pc in May 2023 as compared to an increase of 2pc in the previous month and an increase of 0.3pc in May 2022.
CPI inflation Rural increased to 42.2pc on a year-on-year basis in May 2023 as compared to an increase of 40.7pc in the previous month and 15.9pc in May 2022. On a MoM basis, it increased to 1.7pc in May 2023 as compared to an increase of 3pc in the previous month and an increase of 0.6pc in May 2022.
The Sensitive Price Index (SPI) inflation on YoY increased to 43pc in May 2023 as compared to an increase of 42.1pc a month earlier and 14.1pc in May 2022. On MoM basis, it increased by 1.3pc in May 2023 as compared to an increase of 2.7pc a month earlier and an increase of 0.6pc in May 2022.
The Wholesale Price Index (WPI) inflation on YoY basis increased to 32.8pc in May 2023 as compared to an increase of 33.4pc a month earlier and an increase of 29.6pc in May 2022.
On MoM basis, it increased by 1pc in May 2023 as compared to an increase of 0.1pc a month earlier and an increase of 1.4pc in the corresponding month of last year i.e. May 2022.
The Shehbaz-led government is due to present its annual budget next week, and the nation has already downgraded its growth forecast for the year ending June 30 from five percent to 0.3pc.
The latest 38pc rise tops that of Sri Lanka, which posted annual inflation of 25.2pc in May this year.