Inflation in Pakistan increases to 5.84 percent during the month of August 2018, the inflation is on the rise for the past few years however, it became highest in the last 45 months, the inflation rate is increasing mainly due to deteriorating foreign reserves and rupee devaluation. As a result, the petroleum prices go up which affects the prices of all other commodities.
Inflation measured by Consumer Price Index (CPI) was recorded at 5.84 percent in August, according to the data released by Pakistan Bureau of Statistics (PBS) the inflation rate is continuously rising for the last three months. The inflation is also expected to go down due to the decrease in oil prices for the next month.
A new challenge for the PTI-led government is on the way, according to State Bank of Pakistan (SBP) average headline inflation for the FY-2018-19 is expected to cross 6.0 percent annual target. However, it could be a big challenge for the government to restrict the inflation rate, the government has already set the target at 6 percent for the financial year 2018-19.
According to PBS data month-on-month basis, during August 2018 inflation increased by 0.2 percent as compared to the previous month which was 0.9 percent.
The collective 5.84 percent shows that prices for food and non-alcoholic beverages increased by 3.29 percent while health and education cost increased by 5.7 percent and 12.93 percent respectively.
Similarly, the prices of utilities e.g. gas, fuel, electricity, housing, and water increased by 5.97 percent during the last month. Tobacco and Alcoholic beverages cost also jumped by 2.36 percent.
Pricing of clothing and footwear increased by 6.47 percent and restaurant & hotel prices increase by 5.95 percent in August 2018 as compared to August 2017.
Food commodities, fresh vegetables and non-food commodities including the prices of motor vehicles and construction also increased ranging from 1.21 percent to 47.59 percent in the last one year.
However, the price of chicken was decreased by 20.11 percent, betel leaves and nuts by 4.49 percent, fresh fruits 3.02 percent and eggs by 2.39 percent as compared to July 2017.
Manager at Research Snipers, RS-NEWS, Digital marketing enthusiast and industry professional in Digital Marketing, Social Media, Business News, and Technology News, with vast experience in the media industry, I have a keen interest in business technology, News breaking.