Inflation in Pakistan among highest in the World

BusinessInflation in Pakistan among highest in the World

In May 2023, the Consumer Price Index (CPI) jumped to 38.0 percent on Year-on-Year (YoY) basis in Pakistan, registering the highest ever inflation in the Country’s history.

Whereas the average inflation in the first 10 months of the Fiscal Year (2022-23) from July 2022 to April 2023 stood at 28.2 percent.Inflation in Pakistan among highest in the World

The Inflationary pressure in remaining months of the FY 2022-23 is expected to continue as observed in the previous months; therefore, by the end of the FY 2022-23, the Country would likely to record the second highest ever annual inflation in its history if not the highest one which was 30 percent recorded in the FY 1973-74.

Inflation in Pakistan in FY 2022-23

Month
CPI Inflation Rate
July 202224.9%
August 202227.3%
September 202223.2%
October 202226.6%
November 202223.8%
December 202224.5%
January 202327.6%
February 202331.5%
March 202335.4%
April 202336.4%
May 202338.0%

Source: Monthly Economic Update & Outlook, Ministry of Finance

In Pakistan, May 2023 was the 19th consecutive month since November 2021 witnessing double digit inflation.

Inflation Rates in the World

Sr.
Country
Inflation Rate
1Venezuela429%
2Lebanon260%
3Syria139%
4Argentina114%
5Türkiye39.59%
6Pakistan38%
7Egypt32.7%
8Nigeria22.4%
9Kazakhstan15.9%
10Ukraine15.3%
11Poland13%
12Sweden9.7%
13Austria9%
14UK8.7%
15Kenya8%
16Italy7.6%
17Australia7%
18Norway6.7%
19South Africa6.3%
20Germany6.1%
21Netherlands6.1%
22Mexico5.84%
23Singapore5.1%
24France5.1%
25Israel4.6%
26Canada4.4%
27India4.25%
28Indonesia4%
29United States4%
30Brazil3.94%
31South Korea3.3%
32Japan3.2%
33Spain3.2%
34UAE3.05%
35Denmark2.9%
36Saudi Arabia2.8%
37Russia2.5%
38Switzerland2.2%
39Thailand0.53%
40Niger0.2%
41China0.2%
42Afghanistan-1%
43Seychelles-1.02%

Source: World of Statistics

Meanwhile, according to the Pakistan Bureau of Statistics (PBS), the Sensitive Price Indicator (SPI) for the current week ended on June 22, 2023 increased by 0.33 percent in the Country.

During the week, out of 51 items, prices of 20 (39.22 percent) items increased, 12 (23.53 percent) items decreased and 19 (37.25 percent) items remained stable.

The year-on-year SPI trend depicted an increase of 34.05 percent.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Advertisement