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Pakistan Consumer Price Index (CPI) hits a 24-Month high at 13% in January 2022

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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.

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