Inflation hits record 24.9% in July; highest since 2008 recession

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inflation

Islamabad: In the wake of the rising commodity prices and weakening rupee, the Consumer Price Index (CPI)-based inflation surges 24.9% on a year-on-year (YoY) basis in July 2022, compared to an increase of 21.3% in the previous month and 8.4% in July 2021.

According to a report published by the Pakistan Bureau of Statistics, the CPI-based inflation increased by 4.3% on a month-on-month basis in July 2022, compared to an increase of 6.3% in June 2022 and an increase of 1.3% in July 2021.

inflation
Source: PBS

The report further said that the CPI-based inflation in urban areas increased by 23.6% on a YoY basis in July 2022 compared to an increase of 19.8% in the previous month and 8.7% in July 2021. On an MoM basis, it increased by 4.5% in July 2022 compared to an increase of 6.2% in the previous month and an increase of 1.3% in July 2021.

In rural areas, the inflation surged by 26.9% on a YoY basis in July 2022 compared to an increase of 23.6% in the previous month and 8.0% in July 2021. On an MoM basis, it increased by 4.2% in July 2022 compared to an increase of 6.6% in the previous month and an increase of 1.4% in July 2021.

Read: Inflation reaches 21.3pc in June; highest since 2008

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