Friday, August 12, 2022

Inflation hits 21.3pc in June, highest in over 13 years

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ISLAMABAD: The inflation, measured by Consumer Price Index (CPI), rose to 21.3pc during the month of June 2022, the Pakistan Bureau of Statistics (PBS) said in a report.

According to the stats provided by the PBS, the inflation rate in the country in June was recorded at 21.3 percent, the highest since December 2008.

In June, inflation rose 6.34pc month-on-month (MoM) and 21.32pc year-on-year (YoY), which was the highest figure since December 2008 when inflation stood at 23.3pc.

Core inflation – calculated after excluding food and energy goods – jumped by 11.5% in urban areas and 13.6% in rural areas. The prices of onions – an essential kitchen item – were higher by 124.3% last month compared to a year ago, followed by a 121.72% increase in the rates of tomatoes, and around 75% of various types of ghee and cooking oil, according to the PBS. The prices of pulses increased in a range of 30-75%, wheat by 31.86%, and rates of meat and chicken by almost 50%, according to the PBS.

Inflation has been on a rise amid rising fuel prices and economic situation in the country for the past three months.

It is pertinent to note that Pakistan Muslim League Nawaz-led coalition government on Thursday jacked up petrol prices by Rs14.85 per litre, the third such rise within a month.

Read more: National Assembly approves Rs 50 petroleum levy in budget

After the recent increase, the new petrol price has been fixed at Rs248.74 per litre, the finance ministry announced. The price of high-speed diesel has been increased by Rs13.23 per litre and the new price has been fixed at Rs276.54 per litre.

The notification further stated an increase of Rs18.83 in the price of kerosene, while the rate of light-speed diesel has been jacked up by Rs18.68 per litre.

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