Inflation hits record high 9.41 percent in Pakistan, highest in 5 years

The Pakistan Bureau of Statistics has reported that the consumer prices influenced by faster rupee depreciation and rise in energy prices last month increased to their highest level in five years.

Bureau of Statistics data, on Monday, showed that the inflation rose to 9.41 percent year-on-year, up from 8.21 percent in February, has been lifted by sharp rises in food, fuel and transport costs squeezing the household budgets.

The central bank lifted its key policy rate by 50 basis points to 10.75 percent on Friday, citing continuing inflationary pressures as well as high fiscal and current account deficits.

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Over the past three months, prices of fresh vegetables, fruits and meat have posted a persistent increase in major urban centers. Consumer price inflation has jumped sharply over the past year, climbing from under 4 percent at the start of 2018.

The average inflation during the July-March period rose by 6.79pc on a yearly basis.

Some of the goods have seen an abnormal increase in their prices last month. In March, tomato prices increased by 315%. The green chilies prices also increased by 151.7% in March from over a year ago. The prices of pulses have also increased massively.

There was 201.5% increase in train fare for economy class. The gas prices went up by 85.3% on an annual basis, bus fares increased by 48%. CNG prices increased by 25.4%, and cars have become expensive by 24% in March from over a year ago.

As being reported the English book prices have surged by almost one-third; MBA tuition fee has increased by over 28%.

The cement prices have increased 14% in March over a year ago, LPG cylinder became expensive by 13.5%, high-speed diesel by 13.1% and mutton became expensive by 12.4%, according to the PBS.

In general, prices of the housing, water, electricity and gas group increased 11.6% in March over a year ago.