Pakistan's CPI clocks at 26.9pc as inflation hits rural population more
Business
The country has been experiencing a severe cost-of-living crisis
ISLAMABAD (Web Desk) – The Consumer Price Index (CPI) for the month of October was registered at 26.9 per cent on year-on-year basis, the latest data released by the Pakistan Bureau of Statistic (PBS) showed on Wednesday.
The figures were released a day after the finance ministry in its monthly report projected that the inflation would stay within the 27pc-29pc range.
At the same time, the PBS says the CPI for urban population stood at 25.5pc and 28.9pc in the case of rural – a trend persisting mainly due to the higher cost of transportation.
However, the food prices remained slightly higher in urban centres a CPI (Food) of 28.9pc against 28.6 for rural population. But the CPI (Non-Food) was considerably higher for those living in rural areas when compared with their urban peers – 29.2pc and 23.1pc respectively.
When it comes to the month-on-month comparison, the overall increase in the October CPI as well as for the urban and rural areas was 1.1pc against the prices recorded in September.
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The CPI (Food) for urban centres and rural areas witnessed a 0.6pc and 0.7pc increase respectively, with the CPI (Non-Food) going up by 1.4pc and 1.5pc.
Earlier, the CPI had peaked this year in May when it reached 38.0pc, with the figures for food items in urban and rural areas climbing to 48.1pc and 52.4pc respectively. Since then, it is on a decline on year-on-year basis with September being an exception.
The stubborn inflation in Pakistan is a product a weak rupee and the higher electricity, gas and fuel prices amid the conditions set by the International Monetary Fund (IMF) to reduce budget deficit.
It means the government has no room to assist its citizens who are passing through an unprecedented cost-of-living crisis at a time when high interest rates – under the IMF guidelines – have crippled economic activity, resulting in very few employment opportunities and stagnant wages.
But the rupee depreciation and record-high inflation mean their purchasing is reducing at an alarming rate, producing problems including malnourishment and illnesses like depression.
