The Consumer Price Index (CPI)-based inflation rate in Pakistan increased to 27.4% in August 2023 from 28.3% in the previous month and 27.3 percent in August 2022, according to data released on Friday by the Pakistan Bureau of Statistics (PBS).
On a monthly basis, it grew to 1.7 percent in August 2023 as opposed to increases of 2.4 percent in August 2022 and 3.5 percent in the month before.
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Due to the government’s significant increase in petroleum prices over the past month, inflation could increase during the upcoming months. However, the cost of fuel is not the only problem. In the recent two weeks, the rupee has rapidly lost value versus the US dollar, which could increase inflation.
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As the interim administration struggles to offer any relief because it is constrained by the International Monetary Fund (IMF), protests have also recently broken out across the nation over skyrocketing electricity rates.
Urban CPI inflation rose to 25.0 percent on an annual basis in August 2023, up from 26.3 percent the month before and 26.2 percent in August 2022. On a monthly basis, it grew to 1.6 percent in August 2023 as opposed to increases of 2.6 percent in August 2022 and 3.6 percent in the month before.
Rural CPI inflation rose to 30.9 percent on an annual basis in August 2023, up from 31.3 percent the month before and 28.8 percent in August 2022. On a monthly basis, it grew to 1.9 percent in August 2023 as opposed to increases of 2.2 percent in August 2022 and 3.3 percent in the month before.
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Compared to increases of 29.3 percent a month earlier and 34.0 percent in August 2022, SPI inflation on a YoY basis increased to 27.9 percent in August 2023. On a month-over-month basis, it climbed by 4.1 percent in August 2023 compared to a month before when it increased by 2.8 percent and by 5.2 percent in August 2022.
Compared to increases of 23.1 percent a month earlier and 41.2 percent in August 2022, WPI inflation on a YoY basis jumped to 24.3 percent in August 2023. Compared to increases of 2.5 percent one month prior and 3.1 percent in the same month previous year, it climbed by 4.2 percent month over month in August 2023.
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