Friday, March 31, 2023

Despite a huge spike in the pricing of household products, inflation fell to 8.4 percent in July

In the wake of a double-digit increase in costs for key kitchen goods, gasoline and electricity, and a rose in inflation owing to a decline in the rupee’s value from the US dollar over only two months, the inflation rate declined to 8.4 per cent in July.

On Monday’s, the Pakistan Statistical Bureau (PBS) announced an increase of 8.4% in July of the same month last year to the Consumer Price Index (CPI). Despite a huge increase in the pricing of products that touch every family, it was the lowest inflation rate in the last nine months.

The national data-gathering organization revealed that the price of mustard oil increased by more than33%, 32.9% of vegetable ghee and 31.7% of cooking oil prices, negatively affecting every family. The PBS also stated that in July the power costs were up 21.7% and gasoline prices up 16.4%, compared with the same month last year.

The boom occurs in two months, with the rupee’s value declining sharply to a dollar at Rs163.67 on Monday. On May 3, the rupee had been traded at Rs153.36, which was lost in only two months by Rs10.31 or 6.7%

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