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Pakistan Experiences Its Highest Inflation Rate In Over 50 Years

Inflation in Pakistan has increased by an average of 26.1 percent in the first two months of the current fiscal year 2023 compared to 8.36 percent in 2022, This month’s inflation rate is the highest since October 1973, according to experts.


According to the Pakistan Bureau of Statistics, Pakistan’s Consumer Price Index-based inflation rate (CPI) climbed by 27.3 percent on a year-over-year basis in August 2022 as opposed to a rise of 24.9 percent the previous month and 8.4 percent in August 2021, highest for 50 years.

According to the PBS’s monthly evaluation of price indices, the CPI climbed by 2.4 percent in August 2022, compared to increases of 4.3 percent the month before and 0.6 percent in August 2021.

The National Consumer Price Index for August 2022 grew by 2.45% compared to July 2022 and by 27.26% compared to the same month the previous year, which was Aug 2021.

The Wholesale Price Index (WPI) inflation increased by 41.2 percent on a YoY basis in August 2022, compared to an increase of 38.5 percent a month earlier and an increase of 17.1 percent in August 2021, according to PBS data.

Also Read: Inflation Forces One Million Students To Drop Out Of Schools In Punjab

This finding suggests that inflation rate apart from this highest hike is likely to continue to rise in the days and months to come in Pakistan.

Food and non-food goods include potatoes, eggs, masoor (a type of pulse), wheat, rice, milk, energy fees, motor fuels, stationery, auto accessories, cleaning & laundry, liquid hydrocarbons, and woollen textile all saw price increases.

August 2022 had a year-over-year increase in the CPI for Urban areas of 26.2 percent, compared to an increase of 23.6 percent the previous month and 8.3 percent in August 2021. It climbed by 2.6 percent in August 2022 as compared to the previous month’s growth of 4.5 percent and the increase of 0.5 percent in August 2021.

In August 2022, the CPI in Rural areas climbed by 28.8% compared to the previous month’s growth of 26.9% and August 2021’s increase of 8.4%. In August 2022, it climbed by 2.2 percent month over month, compared to increases of 4.2 percent the month before and 0.7 percent in August 2021.

Sensitive Price Index (SPI) inflation rose by 34.0 percent year over year in August 2022, compared to increases of 28.2 percent the previous month and 15.9 percent in August 2021. On a month-over-month basis, it rose by 5.2 percent in August 2022 as opposed to 7.3 percent a month before and 0.7 percent in 2021.

Inflation measured by the Wholesale Price Index (WPI) rose by 41.2 percent year over year in August 2022 compared to increases of 17.1 percent in August 2021 and 38.5 percent a month before. WPI inflation rose by 3.1 percent month over month in August 2022 compared to 2.0 percent month over month and 1.2 percent in the prior month, which was Aug 2021.

Urban grew by 13.8 percent YoY in August 2022 as measured by non-food and non-energy, compared to increases of 12.0 percent the previous month and 6.3 percent in August 2021. In August 2022, it climbed by 1.8 percent month over month, compared to a growth of 1.2 percent the month before and an increase of 0.2 percent in the same month the previous year, which was August 2021.

Rural climbed by 16.5 percent YoY in August 2022 as measured by non-food non-energy, compared to increases of 14.6 percent the previous month and 6.2 percent in August 2021. In August 2022, it climbed by 1.8 percent month over month, compared to a growth of 1.6 percent the month before and an increase of 0.2 percent in the same month the previous year, which was August 2021.

Urban rose by 21.4 percent YoY in August 2022, compared to 19.1 percent the month before and 7.8 percent in August 2021, as measured by a 20 percent weighted trimmed mean. On a month-to-month basis, it climbed by 1.7 percent in August 2022 compared to a month-to-month gain of 2.7 percent and a month-to-month increase of 0.4 percent in August of the previous year, 2021.

Rural grew by 23.8 percent YoY in August 2022 as measured by a 20 percent weighted trimmed mean, up from 21.7 percent the previous month and 7.8 % in August 2021. In August 2022, it climbed on a month-over-month basis by 1.8 percent, compared to increases of 2.7 percent the month before and 0.6 percent in the same month the previous year, i.e. August 2021.

 

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