Pakistan's inflation touches record high figure of 27.6 pct

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By  India Blooms News Service   Feb 01, 2023

Islamabad: Pakistans annual inflation, measured by the Consumer Price Index (CPI), spiked to a decades-high level of 27.55 per cent in January, compared to 24.5pc in the previous month, media reports said on Wednesday.

On a month-on-month basis, inflation remained elevated, jumping 2.9% as nearly 6,000 containers are stranded in ports, including thousands of tons of poultry feed ingredients that pushed chicken prices to a record earlier this year, Geo News reported.

The inflation rate that has lingered above 20 percent since June after the coalition government curtailed imports has been aggravating due to the logjam of containers.

The Wholesale Price Index (WPI), which captures prices in the wholesale market, also rose sharply by 28.53% in January compared to 24% in the same month a year ago.

The PBS reported that the overall inflation rate recorded an increase in both the urban and rural areas. The inflation rate in urban areas surged 24.4% in January and rural areas soared 32.3% over the same month of the last year. In January last year, the inflation rate in urban areas was 13% meanwhile, in rural areas it stood at 12.9%, the news channel reported.