Islamabad, December 28, 2024 – The Pakistan Bureau of Statistics (PBS) has released its annual price report, detailing significant changes in the Consumer Price Index (CPI) over the past year. The report indicates a notable increase in inflation, impacting various sectors of the economy.
Key Highlights of the Report
- Inflation Rate: The CPI recorded an increase, with the inflation rate rising to 27.4% year-on-year in August 2023. This marks a significant surge compared to previous years, affecting the purchasing power of consumers.
- Sectoral Impact: The report highlights price hikes in essential commodities, including food items, energy, and transportation, contributing to the overall inflationary trend.
Government’s Response
In light of the rising inflation, the State Bank of Pakistan (SBP) has implemented monetary tightening measures, including interest rate adjustments, to curb inflationary pressures. The SBP’s efforts aim to stabilize the economy and achieve target inflation rates ahead of schedule.
Implications for the Public
The increase in inflation has led to higher living costs, particularly affecting low and middle-income households. The government is urged to implement policy measures to mitigate the impact on vulnerable populations and ensure economic stability.
