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Pakistan registers highest inflation in January since 1975

05:50 PM | 1 Feb, 2023
Pakistan registers highest inflation in January since 1975
Source: File Photo

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.

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. 

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 20, 2023

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

Today's gold rates in Pakistan – 20 March 2023

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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