According to figures provided by the Pakistan Bureau of Statistics (PBS), inflation, as measured by the Consumer Price Index (CPI), increased by 29.2 percent year over year in November 2023 compared to an increase of 26.8 percent the previous month and 23.8 percent in November 2022.

This raises the average inflation rate for 5MFY24 from 25.14 percent in 5MFY23 to 28.62 percent. It climbed to 2.7 percent in November 2023 on a month-over-month basis, up from 1.0 percent in the previous month and 0.8 percent in November 2022.

In November 2023, the annual percentage rate of CPI inflation in Urban areas rose to 30.4 percent, up from 25.5 percent in the previous month and 21.6 percent in November 2022. 

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It went from increasing by 1.1 percent in the previous month to increasing by 0.4 percent in November 2022. Month over month, it grew to 4.3 percent in November 2023.

In November 2023, the rural CPI inflation rate jumped to 27.5 percent year over year, up from 27.2 percent in November 2022 and 28.7 percent the month before. It grew to 0.4 percent in November 2023 on a month-over-month basis, up from 0.9 percent in the previous month and 1.3 percent in November 2022.

Core inflation (NFNE)

Core inflation (NFNE)—which is determined by non-food, non-energy urban measures—rose to 18.6 percent on a year-over-year (YoY) basis in November 2023 from 18.5 percent the month before and 14.6 percent the month before. On a month-over-month (MoM) basis, it grew by 0.9 percent in November 2023 compared to 1.2 percent in the previous month and 0.8 percent in the same month the previous year, November 2022.

As measured by non-food non-energy, rural areas recorded an increase to 25.9 percent on a year-over-year basis in November 2023, up from 26.7 percent the month before and 18.5 percent in November 2022. In November 2023, it grew by 1.4 percent on a (MoM) basis as opposed to 1.0 percent.

Core inflation (Trimmed)

Urban, as measured by the 20 percent weighted trimmed mean, rose to 22.9 percent on a year-over-year (YoY) basis in November 2023 from 24.6 percent the month before and 19.8 percent in November 2022. November 2023 saw a 0.1 percent gain on a month-over-month (MoM) basis, compared to 0.6 percent in the previous month and 0.5 percent in the same month the previous year, November 2022.

By using a 20 percent weighted trimmed mean, rural areas saw a year-over-year increase to 27.9 percent in November 2023 from 30.4 percent the month before and 25.4 percent in November 2022. In November 2023, it rose to 0.5 percent on a (MoM) basis, up from a 0.7 percent gain.

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