Monday, January 17, 2022

Inflation rate stands at 11.53pc in Nov 2021, shares PBS

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ISLAMABAD: Pakistan Bureau of Statistics (PBS) on Tuesday announced that the rate of inflation in November 2021 stood at 11.53 percent, ARY NEWS reported.

The PBS said that the inflation stood at 8.35 percent in November 2020, witnessing just over three percent this year.

Similarly, it said that the rate of hike in prices stood at 9.32 percent in five months of the FY2021-22 as compared to 8.76 percent in a similar period of FY2020-21.

A report on November 26 shared the PBS findings, highlighting a surge in prices of 20 essential items. The pulses and eggs have noted spiraling in their prices this week, said the PBS weekly report that said the collective inflation increase is 0.67 percent.

The SPI rate thus stays above 18 percent, said PBS, adding that cooking oil prices could not be brought down. In the past week, the 2.5-kilogram vegetable oil cans have only gotten pricier up to Rs19, said PBS report.

The State Bank of Pakistan (SBP) has also clarified recently that the central bank’s average inflation forecast of 7-9% in the current fiscal year is not “inflation target”.

“In some sections of the media, SBP’s average inflation forecast of 7-9% in FY22 is being interpreted as the “inflation target” and being compared to the inflation targets of other countries. This is incorrect,” a statement issued by the SBP said.

It said the SBP’s forecast represents its projections for the current fiscal year. On the other hand, Pakistan’s inflation target is set by the government, which is 5-7 %, it added.

The central bank explained that this target is to be achieved over the medium term as the monetary policy is anchored on achieving the government’s target over the medium term, i.e. over the next 18-24 months.

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