ISLAMABAD: The Consumer Price Index-based inflation clocked in at a record high of 36.4 percent in Pakistan on a year-on-year (YoY) basis in April 2023 compared to an increase of 35.4 percent in the previous month and 13.4 percent in April 2022.
On a month-on-month (MoM) basis, it increased to 2.4 percent, according to the latest data released by the Pakistan Bureau of Statistics on Tuesday.
As per data, the food group, which commands a considerable weight i.e. 34.58 percent in the inflation reading, remained the main driver behind the surge. It went up from 176.38 in April 2022 to 261.17 this year, a jump of over 48 percent.
The transport group witnessed a surge of 56.77 percent YoY.
Meanwhile, the Finance Division has also predicted inflation to remain high in the coming months.
Its April Monthly Outlook report said that the key drivers of inflation are food and energy rate hikes. While currency depreciation and rising administered rates have contributed to the overall price level.
Urban and rural inflation
CPI inflation in urban areas surged to 33.5 percent on YoY basis in April as compared to an increase of 33 percent in the previous month and 12.2 percent in April 2022.
On an MoM basis, it increased to 2 percent in April compared to a surge of 3.9 percent in the past month and a surge of 1.6 percent in April 2022.
Meanwhile, CPI inflation in rural areas surged to 40.7 percent on YoY basis in April 2023, compared to a surge of 38.9 percent in the past month and 15.1 percent in April 2022.
On an MoM basis, it surged to 3 percent in April 2023 as compared to an increase of 3.5 percent in the previous month and an increase of 1.6 percent in April 2022.
