The consumer price index (CPI), which measures inflation in Pakistan, shattered all previous records and soared to 31.5% in February as a result of sharp increases in the costs of transportation, housing, and food.
The Pakistan Bureau of Statistics (PBS) released a new inflation data on Wednesday, which has increased the likelihood that interest rates will climb further at the March 2 meeting of the monetary policy committee (MPC).
The inflation rate quickly reached 31.5% in February over the prior year, which is the highest since figures were collected, in July 1965. When it was last measured, in April 1975, the inflation rate was just over 29%.
The rate of price growth exceeds what the finance ministry had predicted, which was a range of 28% to 30% inflation.
According to Sana Tawfiq, an economist at Arif Habib Limited, the increase in the average price of food goods such poultry, fruits, pulses, oil, vegetables, ghee, LPG, gas charges, and household petroleum products is what caused the monthly inflation rate to climb by 4.3% in February over January.
The administration will need to reevaluate its plan to release the crucial $1.1 loan tranche from the International Monetary Fund, according to the inflation reading (IMF). The administration is continuously shocking the IMF and hasn’t been able to make up any lost ground.
