ISLAMABAD – Pakistan’s inflation continues to accelerate to hit a fresh record in January as containers carrying supplies are stuck at the port due to import restriction placed due to shortage of dollars in the country.
The Consumer Price Index (CPI) increased to 27.6% on year-on-year basis in previous month as compared to an increase of 24.5% in Dec 2022 and 13% in Jan 2022.
“On month-on-month basis, it increased to 2.9% in Jan 2023 as compared to an increase of 0.5% in the previous month and an increase of 0.4% in Jan 2022,” the Pakistan Bureau of Statics (PBS) in its monthly report.
Arif Habib Limited, a finance research firm, said this is the highest YoY inflation after May 1975. “This takes 7MFY23 average inflation to 25.40% compared to 10.26% in 7MFY22,” it said in a tweet.
CPI for the month of Jan’23 clocked-in at 27.55% YoY (+2.88% MoM). This is the highest YoY inflation after May 1975 (27.77%).This takes 7MFY23 average inflation to 25.40% compared to 10.26% in 7MFY22.@PBSofficialpak @StateBank_Pak #PBS #Inflation #Pakistan #Economy #AHL pic.twitter.com/P2eyxSBbl2
— Arif Habib Limited (@ArifHabibLtd) February 1, 2023
According to PBS, the CPI inflation in urban area increased to 24.4% on year-on-year basis in Jan 2023 as compared to an increase of 21.6% in the previous month and 13.0% in Jan 2022. On month-on-month basis, it increased to 2.4% in Jan 2023 as compared to an increase of 0.3% in the previous month and an increase of 0.1% in Jan 2022.
However, “CPI inflation Rural, increased to 32.3% on year-on-year basis in Jan 2023 as compared to an increase of 28.8% in the previous month and 12.9% in Jan 2022. On month-on-month basis, it increased to 3.6% in Jan 2023 as compared to an increase of 0.7% in the previous month and an increase of 0.9% in Jan 2022”.
The inflation accelerated as various shipments of various commodities are stuck at the port due to closure of letters of credit (LCs), affecting the demand and supply chain in the country.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 20, 2023 (Monday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 282.7 | 285.7 |
Euro | EUR | 299.5 | 302.5 |
UK Pound Sterling | GBP | 341.5 | 345 |
U.A.E Dirham | AED | 77.25 | 78 |
Saudi Riyal | SAR | 75.2 | 76 |
Australian Dollar | AUD | 186 | 188.4 |
Bahrain Dinar | BHD | 753.69 | 761.69 |
Canadian Dollar | CAD | 204 | 206.2 |
China Yuan | CNY | 41.09 | 41.49 |
Danish Krone | DKK | 40.41 | 40.81 |
Hong Kong Dollar | HKD | 36.1 | 36.45 |
Indian Rupee | INR | 3.43 | 3.54 |
Japanese Yen | JPY | 2.6 | 2.11 |
Kuwaiti Dinar | KWD | 922.9 | 931.9 |
Malaysian Ringgit | MYR | 62.99 | 63.59 |
New Zealand Dollar | NZD | 174.91 | 176.91 |
Norwegians Krone | NOK | 26.69 | 26.99 |
Omani Riyal | OMR | 735.95 | 743.95 |
Qatari Riyal | QAR | 77.37 | 78.08 |
Singapore Dollar | SGD | 206 | 208 |
Swedish Korona | SEK | 26.97 | 27.27 |
Swiss Franc | CHF | 304.79 | 307.29 |
Thai Bhat | THB | 8.24 | 8.39 |
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Monday.The price of 10 grams of 24k gold was recorded at Rs178,500.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
City | Gold | Silver |
Lahore | PKR 208200 | PKR 2390 |
Karachi | PKR 208200 | PKR 2390 |
Islamabad | PKR 208200 | PKR 2390 |
Peshawar | PKR 208200 | PKR 2390 |
Quetta | PKR 208200 | PKR 2390 |
Sialkot | PKR 208200 | PKR 2390 |
Attock | PKR 208200 | PKR 2390 |
Gujranwala | PKR 208200 | PKR 2390 |
Jehlum | PKR 208200 | PKR 2390 |
Multan | PKR 208200 | PKR 2390 |
Bahawalpur | PKR 208200 | PKR 2390 |
Gujrat | PKR 208200 | PKR 2390 |
Nawabshah | PKR 208200 | PKR 2390 |
Chakwal | PKR 208200 | PKR 2390 |
Hyderabad | PKR 208200 | PKR 2390 |
Nowshehra | PKR 208200 | PKR 2390 |
Sargodha | PKR 208200 | PKR 2390 |
Faisalabad | PKR 208200 | PKR 2390 |
Mirpur | PKR 208200 | PKR 2390 |
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