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.
