Wednesday, February 28, 2024

Pakistan inflation hits 13-year high at 21.3% in June

Inflation in Pakistan reached the highest in over 13 years at 21.32% recorded in June 2022, according to government statistics.

Consumer prices rose 21.32% last month from a year earlier as measured by the Consumer Price Index (CPI) of the Pakistan Bureau of Statistics (PBS).

According to the PBS, inflation increased by 19.84% in urban areas and 23.6% in rural areas.

Food inflation rose 25.92%, while transport surged 62.17% in June, according to data.

Sectors in which inflation was measured in the double digits are:

  • Transport – 62.17%
  • Perishable food – 36.34%
  • Non-perishable food items – 24.43%
  • Restaurants and hotels – 21.85%
  • Furnishing and household equipment maintenance – 18.76%
  • Alcoholic beverages and tobacco 0 17.6%
  • Miscellaneous goods and services – 15.83%
  • Recreation and culture – 14.35%
  • Clothing and footwear – 13.72%
  • Housing and utilities – 13.48%
  • Health – 11.3%

The increase in petrol and diesel prices has mainly contributed to the high inflation in the country.

However, Steve H. Hanke, economist and professor at Johns Hopkins University, said that according to his estimates Pakistan’s inflation currently stands at a shocking 43% per year.

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