November 2024 CPI Reaches 4.9%, Lowest in Over Six Years

Karachi: Inflation in November 2024 registered a Consumer Price Index (CPI) of 4.9%, the lowest reading in over six and a half years. This marks a significant drop from the 28.6% average recorded in the first five months of the previous fiscal year, bringing the average inflation rate for the first five months of the current fiscal year down to 7.9%.

According to JS Global, the decline in CPI is largely attributed to the base effect from last year’s elevated inflation levels. Despite a 0.5% month-on-month increase in headline inflation, the year-on-year trend continues to show a downward trajectory. Categories such as food and transport witnessed negative growth rates, with food prices falling by 0.2% both year-on-year and month-on-month, and transport costs declining by 2.8% year-on-year.

In contrast, categories like clothing and health saw substantial year-on-year increases, rising by 14.4% and 13.1% respectively. Housing, furnishing, and miscellaneous items also experienced moderate increases, contributing to the slight month-on-month rise in overall inflation. The data underscores a mixed economic landscape where some sectors are seeing relief from inflationary pressures while others continue to experience price hikes.

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