Pakistan’s Consumer Price Index (CPI)-based inflation jumped to 27.4% year on year in August 2023, up from 28.3% the previous month and 27.3% in August 2022, according to the PBS on Friday.
CPI-based inflation jumped to 27.4%
On a month-to-month basis, it increased to 1.7 percent in August 2023, compared to 3.5 percent the previous month and 2.4 percent in August 2022.
Inflation may rise in the coming months as a result of the government’s recent hike in petroleum prices.
Rupee fallen significantly
However, oil costs are not the only concern. In the recent two weeks, the rupee has fallen significantly against the US dollar, potentially fueling additional inflation.
Protests have erupted across the country in recent days in response to rising electricity rates, as the interim administration struggles to provide any assistance as it is mandated by the International Monetary Fund (IMF).
CPI Inflation in Urban Areas
CPI inflation in urban areas increased to 25.0 percent year on year in August 2023, up from 26.3 percent the previous month and 26.2 percent in August 2022.
On a month-to-month basis, it increased to 1.6 percent in August 2023, compared to 3.6 percent the previous month and 2.6 percent in August 2022.
CPI inflation in rural areas grew to 30.9 percent year on year in August 2023, up from 31.3 percent the previous month and 28.8 percent in August 2022.
Month-to-Month Basis
On a month-to-month basis, it increased to 1.9 percent in August 2023, compared to 3.3 percent the previous month and 2.2 percent in August 2022.
SPI inflation on a year-on-year basis jumped to 27.9 percent in August 2023, up from 29.3 percent the previous month and 34.0 percent in August 2022.
It climbed by 4.1 percent month on month in August 2023, compared to 2.8 percent a month earlier and 5.2 percent in August 2022.
WPI inflation jumped to 24.3 percent year on year in August 2023, up from 23.1 percent the previous month and 41.2 percent in August 2022.
On a month-to-month basis, it climbed by 4.2 percent in August 2023, compared to a 2.5 percent increase the previous month and a 3.1 percent growth in the previous year’s equivalent month, August 2022.
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