April 01, 2023 (MLN): The consumer price index (CPI) for the month of March 2023 has soared by 35.4% YoY, compared to 31.5% YoY in the last month and 12.7% YoY in March 2022, the latest data issued by the Pakistan Bureau of Statistics (PBS) on Saturday showed.

 Meanwhile, on a sequential basis, inflation has increased by 3.7% MoM. 

This has brought 9MFY23 average inflation to 27.2% YoY as against 10.7% 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 commencement of the Muslim Holy Month of Ramadan, as well as inadequate management by the authorities.

Inflation in urban areas reportedly increased to 33% YoY in March 2023 as compared to an increase of 28.8% YoY in the previous month and 11.9% YoY in March 2022, while on monthly basis, it moved up to 3.9% MoM as compared to an increase of 4.5% MoM in the previous month and an increase of 0.7% MoM in March 2022.

The people living in rural areas witnessed more pressure compared to urban areas as the inflation in rural surged to 38.9% YoY in March 2023 as compared to an increase of 35.6% YoY in the previous month and 13.9% YoY in March 2022. On monthly basis, it jumped to 3.5% MoM in the review month as compared to an increase of 4% MoM in the previous month and an increase of 1% MoM in March 2022.

Similarly, the Sensitive Price Index (SPI) inflation remained elevated as it jumped to 40.4% YoY in March 2023 as compared to an increase of 33.6% YoY a month earlier and 13% YoY in March 2022.

On a sequential basis, SPI inched up by 5.8% MoM in March 2023 as compared to an increase of 3.7% MoM a month earlier and an increase of 0.6% MoM in March 2022.

Another significant indicator of inflation, Wholesale Price Index (WPI) inflation on a YoY basis jumped to 37.5% YoY in March 2023 as compared to an increase of 36.4% YoY a month earlier and  23.8% YoY in March 2022.

On MoM basis, WPI moved up by 4.7% MoM in March 2023 as compared to an increase of 8.2% MoM a month earlier and an increase of 3.9% MoM in the corresponding month of last year i.e. March 2022.

Copyright Mettis Link News 

Posted on: 2023-04-01T14:09:45+05:00