Pakistan's January inflation highest in 47 years
Business
In January 2022, inflation was recorded at 13pc
ISLAMABAD (Web Desk) - Pakistan's annual inflation jumped to a decades-high level of 27.55 per cent in January this year compared to 24.5pc in the previous month, the data released by Arif Habib Limited reveals.
The country has been witnessing massives inflationary trend of prices of food and transport for the last nine months or so.
In a tweet, Arif Habib Limited says the highest Consumer Price Index (CPI) figure has been recorded since May 1975 when it stood at 27.77pc. In January 2022, inflation was recorded at 13pc.
The data released by the Pakistan Bureau of Statistics (PBS) says inflation in urban and rural areas increased to 24.38pc and 32.26pc year-on-year, respectively.
Inflation increased 2.9pc on a monthly basis, PBS data showed.
— Arif Habib Limited (@ArifHabibLtd) February 1, 2023
The inflationary trend was driven by a double-digit increase in almost all sub-indices, especially food and transport, prices of which have rapidly increased.
The CPI figure was higher than the government’s expectation of 26pc, which itself was more than double the budgeted 11.5pc target.
The Ministry of Finance (MoF_ in its Monthly Economic Update & Outlook says the CPI inflation on a year-on-year basis for January is forecast in the range of 24-26pc as recent political and economic uncertainties both arre causing inflationary expectations upward.
The ministry also made an upward revision in its inflation forecast to 24-26pc for the year, from 21-23pc it had estimated in December.
