Inflation in Nov surges to 29.2pc year-on-year, misses SBP and govt estimates
Business
Cost-of-living crisis is worsening for an overwhelming majority in Pakistan
ISLAMABAD (Web Desk) – Inflation is not only sustaining but also witnessed an increase on year-on-year basis as the Consumer Price Index (CPI) in November reached 29.2 per cent when compared with the same month on 2022, with no signs of a lessening cost-of-living crisis which has pushed millions on poverty in Pakistan.
This trend is an obvious product of the hikes in gas and electricity tariffs which are consuming the large chunk of the working and middles classes’ monthly incomes, leaving very little room for ensuring nutritious food for their families.
With it comes to the annual targets, the government sees it around 21pc during 2023-24 while the International Monetary Fund (IMF) estimates at 25.9pc.
Moreover, the latest data dents the projections made by the State Bank of Pakistan which had estimated inflation to hover around 20pc-22pc during the current fiscal year. However, the monthly average for the first five months now stands at 28.6.
Read more: Pakistan's CPI clocks at 26.9pc as inflation hits rural population more
It means the CPI also went up on month-on-month basis as it was recorded at 26.8pc in October, mainly affecting the urban population where it surged to 30.4pc on a year-on-year basis in November 2023.
The figures for the urban population in October were 25.5pc in the previous month and 21.6pc in November 2022, shows the data released by the Pakistan Bureau of Statistics (PBS).
On a month-on-month basis, it increased to 4.3pc in November as compared to an increase of 1.1 per cent in October and an increase of 0.4pc in November 2022.
As far as CPI for rural areas is concerned, it was 27.5pc cent on a year-on-year basis in November this year against 28.7pc in the previous month and 27.2pc in November 2022.
On a month-on-month basis, it increased to 0.4pc in November 2023 as compared to an increase of 0.9pc in the previous month and an increase of 1.3pc in November 2022.
