Inflation cools in October

Consumer inflation in October eased to 26.9 per cent, the lowest level since December last year, as prices across almost all groups of commodities and services rose at a slower pace compared to last year, official data showed on Wednesday. In fact, the prices in one category — perishable food items — fell 1.89pc compared to the same month a year ago, something last happened when Imran Khan was in power. In December 2021, prices in the same group dropped 10.2pc year on year, the Pakistan Bureau of Statistics (PBS) data showed. However, October’s figure of 26.9pc was still high since the headline inflation — measured by a basket of goods and services called the Consumer Price Index (CPI) — has remained above 20pc since June last year, suggesting that inflation is still remarkably elevated despite a high base. This latest data brings down the average inflation rate for the fiscal year (July-October) to 28.48pc, though still way above this fiscal year’s target of 21pc.