The Consumer Price Index (CPI) inflation rate slowed to 8.2 per cent year-on-year in May, the Pakistan Bureau of Statistics (PBS) said on Monday.

The inflation rate was 8.5pc in April, and currently stands at 10.94pc for the period from July to May, 2019-20.

CPI peaked in January, registering 14.56pc year-on-year. Food inflation, with a weight of 34.5pc in the overall number, was 12.24pc year-on-year for May, while transport inflation was recorded at -7.46pc for the same period.

Petroleum prices have fallen drastically in Pakistan over the last few weeks, in line with global prices.

On Sunday, Prime Minister Imran Khan had announced a 8.5pc cut in petrol prices in the country.

The government had reduced the prices of all petroleum products except High Speed Diesel (HSD) to partially pass on the impact of massive international price reduction to the masses. The revised prices will remain effective till June 30.

In doing so, the government had also increased the rate of petroleum levy on petrol by more than 26pc to mop up additional windfall revenues of about Rs6.5bn. The levy on petrol was increased from Rs23.76 per litre to the maximum permissible limit of Rs30 per litre.