Inflation soars to nearly two-year high in Pakistan

Inflation soars to a nearly two-year high in Pakistan!

According to the data released by the Pakistan Bureau of Statistics (PBS) on Tuesday has revealed that the prices of consumer goods continued their upward trajectory in the first month of 2022 and reached a two-year high as inflation shot up to 12.96 percent.

The inflation rate continued its upward trajectory for the fifth consecutive month and reached another peak of 13% in January.

The Consumer Price Index (CPI) jumped to 12.96% in January over the same month a year ago, the PBS reported.

Pakistan had reported a 14.6% inflation rate in January 2020.

As per the PBS report, overall, the increase in inflation was driven by transport, which shot up to 23.05%, and housing and utilities which rose to 15.53% year-on-year

Meanwhile, the food inflation in urban areas increased to 13.57% on a year-on-year basis while it saw a decrease of 1.06% on a month-on-month basis.

 The food inflation in rural areas saw a slightly lower rise, increasing to 12.01p% YoY and 0.23% MoM.

Non-food inflation increased to 12.8pc YoY in urban areas and 13.9pc YoY in rural areas.