The Consumer Price Index (CPI) based monthly inflation skyrocketed to an all-time high of 36.4% on a year-over-year basis in April 2023 compared to 35.4% in the previous month and 13.4% in April 2022. This is the highest rate of inflation in South Asia.
According to the data released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the food segment, which accounts for a sizeable portion of the increase, 34.58% of the inflation reading, remains the main cause of the rise. It climbed by more than 48%, from 176.38 in April 2022 to 261.17 in April 2023.
The most recent PBS figures show that the annual inflation in urban and rural areas increased to 33.5% and 40.7%, respectively.
The high level of food inflation persisted, making living for the populace even more challenging.
The finance ministry said headline inflation was expected to remain at elevated levels in the months to come, despite contractionary monetary policy by the central bank.
