Annual CPI-based inflation gauge drops to 20.7pc in March: PBS

Data released by the Pakistan Bureau of Statistics on Monday showed that the consumer price index (CPI) for March was up 20.7 per cent from the same month last year, the lowest reading in nearly two years and below the finance ministry’s projections for the month. Compared with the previous month, inflation for March registered a 1.7pc rise. The economy has been beset by inflation above 20pc since May 2022, registering a high of 38pc in May 2023, as it navigates contentious reforms it must implement as part of an International Monetary Fund (IMF) bailout programme. The country has also witnessed stunted growth, with GDP shrinking 0.17pc in the financial year 2023 as economic activity ground to a halt on the back of a historic high interest rate which currently stands at 22pc.