Pakistan’s annual inflation rate has jumped to 3.42 percent in the month of August from the previous month of July which was 2.91 percent according to Pakistan Bureau of Statistics (PBS).
In layman’s language, the inflation rate is equal to the value of money, if the value of money increases the inflation rate decreases and if the value of money decreases the inflation rate decreases. In this case, Pakistan’s inflation rate has increased significantly which shows the devaluation of Pakistani Rupee against the other currencies.
On monthly basis, the inflation rate was 0.19 percent in the month of August, fluctuations in perishable goods and food items such as Onions, Tomatoes, Mangos and other cooking items were the main reason for this hike.
Secondly, due to Eid holidays from first of September, the prices started to fluctuate two weeks earlier which has impacted the whole month, smooth supply chain and controlled prices could also maintain the long-term inflation rate of the country.
During July consumer prices increased by 2.91 percent as compared to the previous year’s July.
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