Nothing cheap, nothing out: Pakistan’s inflation at 58-year high, a record
The Pakistan Bureau of Statistics said monthly inflation rose to 31.6% year-on-year in February. Monthly inflation is measured by a basket of products called the Consumer Price Index (CPI). Prices rose at the fastest pace in Pakistan’s history in February, with data showing food and transport costs drove inflation to the point where analysts fear “households will have to make choices and sacrifices,” Pakistan’s Dawn reported. .
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This is the highest annual rate since the available data, i.e. July 1965, according to research firm Arif Habib Ltd, which also expected inflation to rise further in the coming months. Inflation crossed 30% last month after staying above 20% for eight months from June to January. The report said that the inflation in February last year was 12.2%.
With this, the cost of four categories—transportation, food and non-alcoholic beverages, alcoholic beverages and tobacco, and entertainment and culture—increased by nearly 50 percent.
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In February, prices rose 4.3 percent over January, the highest rate since October’s 4.7 percent. Meanwhile, the Pakistani rupee depreciated about PKR19 against the US dollar ahead of the central bank’s monetary policy review amid concerns over stalled International Monetary Fund (IMF) deal.
Pakistan is taking strict austerity measures as it strikes a deal with the IMF to secure more than USD 1 billion in funds.
Geo News quoted the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA) as saying that after a historic fall in the Pakistani rupee against the US dollar, gold prices in Pakistan have increased by a whopping 4.77% per tola. that the price of gold (24 carat) increased 9,400 per tola and 8,058 per 10 gram 206,500 more 177,040 respectively.