Pakistan's consumer price inflation slows to 23.8% year on year in November

Pakistan's annual consumer price inflation slowed to 23.8% in November from 26.6% a month earlier, the statistics bureau said on Thursday, days after the central bank unexpectedly hiked policy rates.

Prices were up 0.8% in November from the previous month, the bureau said in a statement.

Pakistan's finance ministry said in its monthly outlook released earlier this week that inflation would decline marginally in November, while staying in a range of 23%-25%.


On Nov. 25, the central bank hiked its policy rate by 100 basis points to 16%, the highest in several years, as it sought to prevent inflation from becoming entrenched.

The South Asian nation, which is reeling from a devastating floods that are estimated to have caused over $30 billion of damage, has been facing a balance of payment crisis.