The average annual Consumer Price Index (CPI) inflation in the Fiscal Year 2022-23 under the multi-party Pakistan Democratic Movement (PDM) government stood at 29.4 percent, which was the second highest ever inflation rate in the Country’s history after 30 percent of 1973-74.
In the previous Fiscal Year 2021-22, the CPI inflation was recorded at 12.15 percent.
The year-on-year CPI inflation of 29.4 percent was marginally above 30 percent recorded in FY 1973-74.
Earlier, the 26.8% recorded in 1974-75 was the second highest inflation a year in Pakistan’s history followed by the third highest 17.0 percent in 2008-09.
CPI for the month of Jun’23 clocked-in at 29.4% YoY (-0.3% MoM, MoM decline witnessed after Sep’22). This is the lowest YoY monthly inflation since Jan’23. This takes FY23 average inflation to 29.18% compared to 12.15% in FY22. @PBSofficialpak @StateBank_Pak #PBS #Inflation… pic.twitter.com/Qxfb8tT9fW
— Arif Habib Limited (@ArifHabibLtd) July 3, 2023
In June 2023, according to the Pakistan Bureau of Statistics (PBS), the CPI increased to 29.4 percent on year-on-year basis as compared to an increase of 38.0% in the previous month and 21.3 percent in June 2022.
Inflation in Pakistan in FY 2022-23
Month | CPI Inflation Rate |
| July 2022 | 24.9% |
| August 2022 | 27.3% |
| September 2022 | 23.2% |
| October 2022 | 26.6% |
| November 2022 | 23.8% |
| December 2022 | 24.5% |
| January 2023 | 27.6% |
| February 2023 | 31.5% |
| March 2023 | 35.4% |
| April 2023 | 36.4% |
| May 2023 | 38.0% |
| June 2023 | 29.4% |
Average CPI inflation in FY 2022-23 | 29.18% |
The CPI inflation in Urban area was increased to 27.3 percent on year-on-year basis in June 2023 as compared to an increase of 35.1 percent in the previous month and 19.8 percent in June 2022.
On month-on-month basis, it increased to 0.1 percent in June 2023 as compared to an increase of 1.5 percent in the previous month and an increase of 6.2 percent in June 2022.
Also Read: Economic Performance of PPP, PML-N & PTI since 2008
Whereas the CPI inflation in Rural areas increased to 32.4 percent on year-on-year basis in June 2023 as compared to an increase of 42.2 percent in the previous month and 23.6 percent in June 2022.
On month-on-month basis, it decreased to 0.8 percent in June 2023 as compared to an increase of 1.7 percent in the previous month and an increase of 6.6 percent in June 2022.
