ISLAMABAD (Reuters) - Pakistan’s Consumer Price Index (CPI) inflation rate slowed to 8.22% year-on-year in May, the country’s statistics bureau said on Monday.
The inflation rate was 8.5% in April, and currently stands at 10.94% for the period from July to May, 2019-20.
CPI peaked in January, registering 14.56% year-on-year. Food inflation, with a weight of 34.5% in the overall number, was 12.24% year-on-year for May, while transport inflation was recorded at -7.46% for the same period.
Petroleum prices have fallen drastically in Pakistan over the last few weeks, in line with global prices. On Sunday, Pakistan’s Prime Minister Imran Khan announced a 8.5% cut in petrol prices in the country.
Reporting by Gibran Peshimam; Editing by Gareth Jones