Pakistan Inflation At 13-Year High

Pakistan’s Consumer Price Index rose to 21.32 per cent in June, the highest in over 13 years, according to data shared by the Pakistan Bureau of Statistics. Last month, inflation rose 6.34 per cent month-on-month and 21.32 pc year-on-year, the highest since December 2008 when the figure stood at 23.3 per cent. Multiple sectors witnessed double-digit inflation but the trend was driven largely by transport, which saw a 62.17 per cent rise and perishable food items, prices of which increased by 36.34 per cent. Education and communication were the only two sectors where inflation was in the single digits at 9.46pc and 1.96pc, respectively. The finance ministry had earlier predicted that inflation would go beyond 15 per cent in the upcoming fiscal year, which began on July 1. “Despite achieving the growth of 5.97 per cent in FY 2022, the underlying macroeconomic imbalances associated with domestic and international risks are making growth outlook indistinct,” the ministry had said in its monthly economic update for June.