Macro Analysis /

Pakistan: CPI falls for the third consecutive month to 8.4% yoy in July

  • National CPI fell to 8.4% in July – the lowest reading since Jan 2020 – due to moderation of overall food inflation

  • However, it rose 1.4% mom because of high inflation in perishable food items (likely transient) & hike in petrol prices

  • We expect CPI to average 7-8% until the end of 2021 but continued PKR depreciation is a key risk

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
2 August 2021