Monthly inflation jumped to 31.6% year-on-year in February, Pakistan Bureau of Statistics said. Monthly inflation is measured by a basket of products called the Consumer Price Index (CPI). In February, prices rose at the fastest pace ever in Pakistan’s history, according to data, which comes as food and transport costs drove up inflation to a point where analysts fear families will have to make choices and sacrifices, as per the news.
It marks the highest annual rate since the available data, namely July 1965, according to the research firm Arif Habib Limited, which also expected that inflation is determined to increase further in the coming months. Last month, inflation surpassed 30% after being above 20% for eight months from June to January. The report said inflation was 12.2% in February last year.
With this, the cost of transportation, food, and non-ordered beverages in four categories like alcoholic beverages and tobacco, entertainment, and culture jumped up by about 50 percent. In February, prices rose 4.3 percent as compared to January, the highest rate since 4.7 percent in October. Meanwhile, Pakistan’s rupee took a dip almost to PKR19 against the US dollar ahead of the Central Bank’s monetary policy reviews amid concerns over a staid International Monetary Fund (IMF) deal. Pakistan is taking strict penance measures as it makes a deal with the IMF to secure funding of more than USD 1 billion.
Following a historic decline in the Pakistani rupee against the US dollar, the per tola gold price in Pakistan surged by a whopping 4.77%, Geo News reported, quoting the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
, which said that the price of gold (24 carats) surged by Rs. 9,400 per tola and Rs. 8,058 per 10 grams to settle at Rs. 206,500 and Rs. 177,040, respectively.
