According to PBS statistics, the food group remained the main cause of the decline and commands a large weight of 34.58% in the inflation reading. It dropped from 264.45 in May 2023 to 261.78 in June 2023, a decline of more than 1%.
The stability of the US dollar and the reduction in commodity prices, according to experts, were the causes of the downturn.
In June 2023, urban CPI inflation was 27.3% on an annual basis, down from the previous month's increase of 35.1% and June 2022's rise of 19.8%.
Compared to the previous month's gain of 1.5% and June 2022's increase of 6.2%, it increased by 0.1% in June 2023 on a monthly basis.
In contrast, rural CPI inflation surged to 32.4% on an annual basis in June 2023, up from a rise of 23.6% in June 2022 and 42.2% in the month before.
In June 2023, it declined to 0.8% month over month, down from the previous month's gain of 1.7% and June 2022's increase of 6.6%.
One of the problems presently harming Pakistan's economy is high inflation.
The country has seen a flurry of problems, including a projected default risk and a downgrade by global rating agencies that reflect the health of the economy, which has also had to deal with significant political unrest and numerous changes in senior leadership.
The country was able to gain a staff-level agreement on a new nine-month, $3 billion stand-by arrangement, which was disclosed on Friday, in a significant positive move.