According to the Pakistan Bureau of Statistics, consumer price index-based inflation (CPI) in Pakistan increased by 27.3 percent year on year in August 2022, up from 24.9 percent the previous month and 8.4 percent in August 2021. (PBS).
In the first two months of the current fiscal year 2023, the average inflation rate is 26.1 percent, compared to 8.36 percent in 2022. Economists estimate that this is the highest monthly inflation rate since October 1973.
It is worth mentioning that the full impact of floods has yet to be realized.
According to the PBS’s monthly review of price indices, CPI increased by 2.4 percent month on month in August 2022, compared to 4.3 percent the previous month and 0.6 percent in August 2021.
The National Consumer Price Index for August 2022 increased by 2.45 percent over July 2022 and by 27.26 percent over the previous year’s corresponding month, August 2021.
According to PBS data, wholesale price index (WPI) inflation increased by 41.2 percent year on year in August 2022, compared to 38.5 percent a month earlier and 17.1 percent in August 2021, indicating that inflation is expected to rise further in the coming days and months.
Potatoes, eggs, pulse masoor, wheat, rice, milk, electricity charges, motor fuels, construction input items, stationery, motor vehicle accessories, cleaning & laundering, liquefied hydrocarbons, and woolen cloth all saw price increases.