Islamabad [Pakistan], May 2 (ANI): Amid the declining economy in Pakistan, the month of April recorded two-year high inflation of 13.37 per cent as measured by the Consumer Price Index (CPI) on Sunday.
As per the data shared by the Pakistan Bureau of Statistics (PBS), the inflation in urban areas hiked up to 1.6 per cent while in the rural areas, the inflation hiked up to 1.63 per cent, reported the Dawn newspaper. Food inflation in urban areas rose by 15.98 per cent and rural areas witnessed a rise of 18.23 per cent.
Perishable food items had a hike of about 29.57 per cent, transportation recorded an increase of 28.34 per cent, followed by a rise of around 15.02 per cent for non-perishable food items. Additionally, rates of housing and utilities had a sharp increase of 7.05 per cent, 9.65 per cent for recreation and culture, education by 8.36 per cent while communication by 1.61 per cent.
Meanwhile, other sectors which recognized double-digit inflation include clothing and footwear, household equipment required for maintenance, health sectors, restaurants, and hotels, along with miscellaneous goods and services, reported the Dawn newspaper.
According to the Ministry of Finance, the rise in the rate of imported commodities like crude oil, edible oil, and pulses from other countries has resulted in overall inflation in Pakistan. To be precise, the ongoing Russia-Ukraine tensions, global demand recovery, and supply chain disruption have all contributed to the increase in prices.
Further, the Ministry forecasted that Pakistan might suffer from more economical woes including expanding current account deficit, dampening economic growth prospects, and a higher fiscal deficit to name a few, as reported by the Dawn newspaper.
“The domestic and international scenarios are changing which carry implications for the economic recovery. Meanwhile, inflationary and external sector pressures are creating macroeconomic imbalances in the economy,” stated the report. (ANI)