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Pakistan’s Inflation Is About To Break Records

The Consumer Price Index-based inflation rate in Pakistan is predicted to continue breaking records, reaching 35.8 percent in March.

According to Ismail Iqbal Securities, inflation will grow by 4% month over month (MoM), up from 4.3 percent the previous month (February). The impact of the mini-budget and rising food prices are the primary factors of the MoM increase.

The effects of the rupee depreciation, import restrictions, and the knock-on effects of rising energy prices are projected to keep core inflation above 2% MoM. The report estimates that the urban core is 17.9 percent, up from 17.1 percent in February, and the rural core is 23.2 percent, up from 21.5 percent.

According to the study, inflationary pressures are expected to persist in April 2023 because the CPI data have not yet fully reflected the impact of the Ramadan food cost hike and the termination of the wheat subsidy. According to the report, the April 23 inflation estimate is 38.3 percent.

It is worth noting that, according to data accessible as of July 1965, Pakistan’s Consumer Price Index-based inflation reached a historic high of 31.6 percent year on year (YoY) in February 2023, the highest-ever CPI increase.

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