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

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.

spot_img

More like this

Pakistan’s Current account posted a surplus of $128Mn in...

Pakistan’s current account posted a surplus of $128 million in February 2024, in contrast to a revised...

MPC decided to hold the Policy rate steady at...

The Monetary Policy Committee (MPC) decided to hold the policy rate steady at 22 percent in its...

Weekly SPI surged by 1.11%

The Weekly Sensitive Price Indicator (SPI) significantly increased by 1.11% WoW during the week ended March 07,...