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Pakistan’s inflation hits 47-year high level in August

11:02 AM | 2 Sep, 2022
Pakistan’s inflation hits 47-year high level in August
Source: File Photo

KARACHI – Pakistan witnessed 47-year high inflation in Augusts 2022 on a year-on-year basis as the South Asian country took tough decisions, including withdrawing subsidies on petroleum products, to meet conditions set the International Monetary Fund (IMF) for revival of loan programme.

After four-month’s hectic efforts by incumbent coalition government of Pakistan, the global lending agency in late-August announced to restore the programme and allowed issuance of $1.16 billion funds to the cash-strapped country.

The Pakistan Bureau of Statistics (PBS) in its reports said that inflation measured by the Consumer Price Index (CPI) surged to 27.3% on a year-on-year basis in August 2022 as compared to 24.9% in the previous month and 8.4% in August 2021.

On a month-on-month basis, inflation witnessed a jump of 2.4% in August 2022 as compared to an increase of 4.3% in the previous month and surge of 0.6% in August 2021.

According to PBS data, the prices of non-perishable food items to 29.53% while the prices of perishable food items were recorded at 33.85% in August. Furthermore, the transportation cost surged by whooping 64.23% in August 2022 compared to same month in last year.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 23 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 23, 2024 (Friday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.45 for selling.

Euro comes down to 301 for buying and 304 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 75.95 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 23 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.5 282.45
Euro EUR 301 304
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 75.95 76.7
Saudi Riyal SAR 74.25 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.60 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal ‎QAR 76.76 77.43
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.87
Thai Bhat THB 7.79 7.94

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