May 02, 2023 (MLN): The consumer price index (CPI) for the month of April 2023 has soared by 36.4% YoY, compared to 35.4% YoY in the last month and 13.4% YoY in April 2022, the latest data issued by the Pakistan Bureau of Statistics (PBS) on Tuesday showed.
Meanwhile, on a sequential basis, inflation has increased by 2.4% MoM.
This has brought 9MFY23 average inflation to 28.1% YoY as against 11% YoY in the corresponding period last year.
Market difficulties arising from the imbalance between the demand and supply of essential goods, currency devaluation, and the recent regulated price hikes for petrol and diesel have led to a rise in the inflation rate for March.
Additionally, the significant increase in food prices can be attributed to the Holy Month of Ramadan and Eid festivities, as well as inadequate management by the authorities.
Price in urban areas increased to 33.5% on a year-on-year basis in April 2023 as compared to an increase of 33.0% in the previous month and 12.2% in April 2022. On a month-on-month basis, it increased to 2.0% in April 2023 as compared to an increase of 3.9% in the previous month and an increase of 1.6% in April 2022.
For the people living in rural areas, the inflation has soared to 40.7% on a year-on-year basis in April 2023 as compared to an increase of 38.9% in the previous month and 15.1% in April 2022. On a month-on-month basis, it increased to 3.0% in April 2023 as compared to an increase of 3.5% in the previous month and an increase of 1.6% in April 2022.
