Macro Analysis /

Pakistan’s CPI clocks in at 24.9% in July 22; 100bps hike in the upcoming MPS

  • Seasonal food price spikes and higher energy prices have put Jul’22 CPI at 24.9%, against our estimate of 24.1%

  • Aug’22 print is estimated at 26%, however, some respite can come from softening of commodity prices

  • Revised FY23E inflation is 22% and we expect SBP to hike 100bps in light of recent PKR devaluation and fresh SPI prints

Wajid Rizvi
Intermarket Securities
1 August 2022


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