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Inflation hits 24.9% in July, highest in over 14 years

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Web Desk
Web Desk
News Stories Posted by ARY News Digital Team

ISLAMABAD: Pakistan’s annual inflation for the month of July, as measured by the Consumer Price Index (CPI), has reached 24.93 per cent, the highest year-on-year rise since November 2008.

According to data shared by the Pakistan Bureau of Statistics (PBS) on Monday, CPI inflation increased by 4.35pc compared to June.

Non-food items, mainly fuel and electricity charges, were the major reason for the rise, it said, adding surging prices for vegetables, pulses, cooking oil, wheat flour and milk were also a significant factor

CPI inflation Urban, increased by 23.6 percent on a year-on-year basis in July 2022 as compared to an increase of 19.8 percent in the previous month and 8.7 percent in July 2021.

On a month-on-month basis, it increased by 4.5 percent in July 2022 as compared to an increase of 6.2 percent in the previous month and an increase of 1.3 percent in July 2021, the report said.

It is noteworthy that Pakistan is in economic turmoil with fast depleting foreign reserves, historic depreciation of the rupee against U.S. dollar, and soaring inflation.

However, the rupee slightly recovered on Monday with a 53 paisa appreciation.

Read complete PBS here:

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