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Inflation crosses 27% in January 2023; highest since 1975

January 2023 Inflation
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Islamabad: The Consumer Price Index (CPI)-based inflation in Pakistan clocked in at 27.6% in January 2023 on a year-on-year basis, the Pakistan Bureau of Statistics (PBS) reported Wednesday.

According to Arif Habib Limited, this is the highest year-on-year inflation after May 1975, when it clocked in at 27.77%.

The monthly data on inflation in the country by PBS reported that inflation reached 27.6% in January compared to the corresponding period last year when it had clocked in at 13%.

On a month-on-month basis, inflation jumped by 2.9% in January 2023 compared to December 2022, when it was recorded at 0.5%.

Experts have attributed food inflation as the major driver behind the hike. It increased from 162.23 in January 2022 to 231.89 in January 2023, a jump of almost 43%.

CPI inflation in urban areas increased to 24.4% on a year-on-year basis in Jan 2023, compared to an increase of 21.6% in the previous month and 13.0% in Jan 2022. On a month-on-month basis, it increased to 2.4% in Jan 2023 compared to an increase of 0.3% in the previous month and an increase of 0.1% in Jan 2022.

CPI inflation in rural areas increased to 32.3% on a year-on-year basis in Jan 2023, compared to an increase of 28.8% in the previous month and 12.9% in Jan 2022. On a month-on-month basis, it increased to 3.6% in Jan 2023 compared to an increase of 0.7% in the previous month and an increase of 0.9% in Jan 2022.

Inflation rises above 24% in December YoY

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