Insta
Pakistan’s Inflation Surges To Highest Level In Nine Years Thanks To Skyrocketing Food Prices
IANS
Dec 05, 2019, 02:20 PM | Updated 02:20 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Inflation in Pakistan rose to 12.7 per cent year-on-year, the highest level in nine years mainly driven by an increase in prices of food items, it was reported.
The Pakistan Bureau of Statistics (PBS) reported on Wednesday (04 December) that inflation, measured by the Consumer Price Index (CPI), edged up by 1.3 per cent over the previous month after the PBS revised its calculation methodology by setting the new base year 2015-16 instead of the previous 2007-08 financial year.
The Finance Ministry claimed that inflation would come down from the next month without saying how, Dawn news reported.
The data released on Wednesday (4 December) shows that higher prices of food items have been the largest driver in overall inflation in November.
It has also been observed that the prices of essential food items were higher in rural areas than in urban areas.
The International Monetary Fund has estimated that Pakistan's inflation may escalate up to 13 per cent, but the government's estimate is between 11 per cent and 13 per cent for the current fiscal year.
Average inflation measured by the Sensitive Price Index crawled up 14.22 per cent in July-November from 1.99 per cent during the same period last year, while the Wholesale Price Index went up 13.52 per cent from 16.99 per cent.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.