Pakistan’s Consumer Price Index (CPI) based inflation increased to 27.4 percent on a year-on-year basis in August 2023 as compared to an increase of 28.3 percent in the previous month and 27.3 percent in August 2022, the Pakistan Bureau of Statistics (PBS) said on Friday.

On month-on-month basis, it increased to 1.7 percent in August 2023 as compared to an increase of 3.5 percent in the previous month and an increase of 2.4 percent in August 2022.

The coming months could see inflation go higher as the government has substantially increased petroleum prices in the last month. However, petroleum prices are not the only issue. The rupee has depreciated rapidly against the US dollar in the last two weeks which could further fuel inflation.

In recent days, protests also erupted across the country owing to inflated electricity bills as the interim government struggles to provide any relief as it bound by the International Monetary Fund (IMF).

CPI inflation Urban, increased to 25.0 percent on year-on-year basis in August 2023 as compared to an increase of 26.3 percent in the previous month and 26.2 percent in August 2022. On month-on-month basis, it increased to 1.6 percent in August 2023 as compared to an increase of 3.6 percent in the previous month and an increase of 2.6 percent in August 2022.

CPI inflation Rural, increased to 30.9 percent on year-on-year basis in August 2023 as compared to an increase of 31.3 percent in the previous month and 28.8 percent in August 2022. On month-on-month basis, it increased to 1.9 percent in August 2023 as compared to an increase of 3.3 percent in the previous month and an increase of 2.2 percent in August 2022.

SPI inflation on YoY increased to 27.9 percent in August 2023 as compared to an increase of 29.3 percent a month earlier and 34.0 percent in August 2022. On MoM basis, it increased by 4.1 percent in August 2023 as compared to an increase of 2.8 percent a month earlier and an increase of 5.2 percent in August 2022.

WPI inflation on YoY basis increased to 24.3 percent in August 2023 as compared to an increase of 23.1 percent a month earlier and an increase of 41.2 percent in August 2022. On MoM basis, it increased by 4.2 percent in August 2023 as compared to an increase of 2.5 percent a month earlier and an increase of 3.1 percent in the corresponding month of last year i.e. August 2022.

Source: ProPakistani