Inflation continued to take its toll as Consumer Price Index (CPI)-based reading hit a 24-month high at 13% on a year-on-year basis in January 2022, compared to an increase of 12.3% in the previous month and 5.7% in January 2021, showed data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
Inflation has remained a thorny issue for the incumbent government, as the economy faces multiple battles including a surge in global commodity prices especially oil.
In the international market, oil prices edged higher on Tuesday, trading near seven-year highs hit last week, as investors bet supplies will stay tight, with a limited production hike by major oil producers and a strong post-pandemic recovery in fuel demand.
