Pakistan's Food Inflation Rate Drops to Lowest Point Since May 2021
Inflation Eases for the Fifth Consecutive Month
Pakistan's food inflation rate has fallen to its lowest level since May 2021, providing some relief to consumers who have been struggling with rising prices. According to the Consumer Price Index (CPI), food prices increased by only 22% over the past year.
This is a significant slowdown from the previous month, when food prices rose by 26%. The decline is attributed to a fall in the prices of essential commodities such as wheat, sugar, and cooking oil.
Key Points:
* Food inflation rate drops to 22%, the lowest since May 2021. * Inflation eases for the fifth consecutive month to 11.8% in May 2024. * Decline attributed to lower prices of essential commodities.Factors Contributing to the Decline
Several factors have contributed to the decline in food inflation, including:
*- Increased supply of wheat and sugar
- Stable prices of cooking oil
- Government measures to control prices
Impact on Consumers
The decline in food inflation is expected to provide some relief to consumers who have been facing rising prices for essential commodities. However, overall inflation remains high, with the CPI increasing by 11.8% in May 2024.
Conclusion
Pakistan's food inflation rate has fallen to its lowest level since May 2021, providing some relief to consumers. However, overall inflation remains high, and the government needs to take further measures to control prices and provide relief to the people.
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