Inflation rises to nine-year high
ISLAMABAD: Inflation increased to 12.7 percent year-on-year, the highest level recorded in nine years mainly due to an increase in prices of food items, the Pakistan Bureau of Statistics (PBS) reported on Wednesday.
Inflation, measured by the Consumer Price Index (CPI), edged up by 1.3pc over the previous month after the PBS revised its calculation methodology by setting the new base year 2015-16 instead of the previous 2007-08 financial year.
Finance ministry claimed in a brief statement that inflation would decrease from the following month without saying how they came to this.
The data released on Wednesday shows that higher prices of food items have been the biggest reason in overall inflation in November. It has also been observed that the prices of essential food items are higher in rural areas than in urban areas.
Food inflation in urban areas boosted by 16.6pc in November on a yearly basis and 2.4pc on a monthly basis and that in rural areas by 19.3pc and 3.4pc, respectively.
In urban areas, the food items which saw an increase in their prices are: tomatoes (149.41pc), pulse mash (11.72pc), pulse moong (7.79pc), wheat (6.86pc), potatoes (6.72pc), wheat flour (4.74pc), beans (4.53pc), onions (3.82pc), dried fruits (3.22pc), pulse masoor (2.66pc), mustard oil (2.49pc), pulse gram (1.94pc), milk fresh (1.42pc), cooking oil (1.2pc), fish (1.17pc), gram whole (1.04pc) and vegetable ghee (1pc).
The prices of items that declined in urban areas are: fresh vegetables (11.52pc), chicken (2.28pc), sugar (1.18pc) and fresh fruits (1.03pc).
In rural areas, the items that witnessed an increase in their prices are: tomatoes (189.67pc), onions (13.83pc), wheat (10.85pc), pulse moong (8.55pc), beans (6.24pc), wheat flour (6.15pc), fresh fruits (4.68pc), potatoes (4.43pc), pulse masoor (3.89pc), dried fruits (3.05pc), cotton cloth (2.58pc), gram whole (1.48pc), eggs (1.31pc), fish (1.3pc), readymade food (1.19pc), rice (1.02pc) and pulse gram (1.01pc).
Non-food inflation in urban centres was recorded at 9.6pc year-on-year, while it was 9pc in rural areas. The rise in non-food inflation is due to an increase in oil prices over the past few months and the exchange rate’s collective depeciation.