According to the Pakistan Bureau of Statistics, consumer price index-based inflation in Pakistan climbed by 21.32 percent on an annual basis in June 2022 compared to increases of 13.8 percent the previous month and 13.4 percent in May 2021. (PBS).
It is also the greatest CPI-based inflation since 2008 and the largest monthly rise in the previous 30 years. The Wholesale Price Index (WPI), which measures wholesale prices, stands at 38.9%, the highest level ever recorded in Pakistan.
When compared month-to-month (MoM), it climbed by 6.3 percent in June 2022 as opposed to a 0.4 percent increase the month before and a 0.1 percent gain in May 2021.
According to economic scientist A. H. H. Soomro, “CPI depicts a sad reality. It is shocking how we have mismanaged the economy. The middle and lower classes will be severely hurt. The next few months have more pain to offer. This might set the stage for a 50 to 75-bps hike.”
Inflation averaged 12.15 percent in the most recent fiscal year 2021–2022 compared to 8.9 percent in the same time of the previous year, 2020–21.
In June 2022, the Urban CPI climbed by 19.8 percent year over year, compared to increases of 12.4 percent the month before and 9.6 percent in June 2021. In June 2022, it climbed by 6.2 percent month over month, compared to a 0.3 percent increase the month before and a 0.4 percent decline in June 2021.
In June 2022, the rural CPI climbed by 23.6 percent on an annual basis, compared to increases of 15.9 percent the month prior and 9.7 percent in June 2021. In June 2022, it climbed by 6.6 percent month over month, compared to a 0.6 percent increase the month before and a 0.1 percent decline in June 2021.
To read our blog on “Inflation could accelerate up to 15.5%, Ministry of Finance,” click here.
