June 1, 2020 / 9:20 AM / 2 months ago

Pakistan inflation rate slows to 8.22% y/y in May

Men sell vegetables at their makeshift stalls at the Empress Market in Karachi, Pakistan April 2, 2018. REUTERS/Akhtar Soomro/Files

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

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