Islamabad: Adding more to the woes of flood victims, the Consumer Price Index (CPI)-based inflation in Pakistan soared past 27% on a year-on-year basis, the Pakistan Bureau of Statistics (PBS) published its monthly report.
According to the PBS, during August, on a month-on-month basis, the CPI-based inflation increased by 2.4% in August 2022 as compared to 4.3% in the previous month, and 0.6% in August 2021.
However, on a YoY basis, inflation hit 27.3% in August 2022, compared to 24.9% in the previous month and 8.4% in August 2021.
The report further said that the CPI-based inflation in urban areas increased by 26.2% on a YoY basis in August 2022 as compared to an increase of 23.6% in the previous month and 8.3% in Aug 2021.
While on an MoM basis, in urban areas, it increased by 2.6% in August 2022 as compared to an increase of 4.5% in the previous month and an increase of 0.5% in August 2021.
Similarly, in rural areas, inflation increased by 28.8% on a YoY basis in August 2022 as compared to an increase of 26.9% in the previous month and 8.4% in August 2021.
Likewise, on an MoM basis, it increased by 2.2% in August 2022 as compared to an increase of 4.2% in the previous month and an increase of 0.7% in August 2021 in rural areas.
According to Arif Habib Limited, this is the highest level of inflation since November 1973.
CPI for the month of Aug’22 clocked-in at 27.26% YoY (+2.45% MoM). This takes 2MFY23 average inflation to 26.1% compared to 8.36% in 2MFY22. This is the highest inflation since Nov’1973.@PBSofficialpak @StateBank_Pak #PBS #Inflation #Pakistan #Economy #AHL pic.twitter.com/BW9s8ceiVc
— Arif Habib Limited (@ArifHabibLtd) September 1, 2022
The average inflation recorded during the first two months of FY23 recorded at 26.1% compared to 8.36% recorded in the same period in FY22.
More misery to flood affectees as weekly inflation reaches 44.58pc
