According to data shared by the Pakistan Bureau of Statistics (PBS) stated that the Pakistan’s annual inflation for the month of July, as measured by the Consumer Price Index (CPI), has reached 24.93%, the highest year-on-year rise since November 2008.
As per details, The PBS stated that CPI inflation increased by 4.35% compared to June, added that Non-food items, mainly fuel and electricity charges, were the major reason for the rise.
The PBS report said that increasing prices for vegetables, pulses, cooking oil, wheat flour and milk were also a significant factor, CPI inflation Urban, increased by 23.6% on a year-on-year basis in July 2022 as compared to an increase of 19.8% in the previous month and 8.7% in July 2021.
The report further stated that on a month-on-month basis, it increased by 4.5% in July 2022 as compared to an increase of 6.2% in the previous month and an increase of 1.3% in July 2021,
It must be noted that Pakistan is in economic turmoil with fast depleting foreign reserves, historic depreciation of the rupee against U.S. dollar, and soaring inflation, However, the rupee slightly recovered on Monday with a 53 paisa appreciation.
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