The annual inflation rate reaches 34.83%

As a result of data from the Pakistan Bureau of Statistics (PBS), Pakistan’s economy continues to suffer

Inflation has reached its highest level in 48 years. It is estimated that inflation increased by 0.17% during the week ending February 9, 2023, and that it increased by 34.83% on an annual basis.


Among the essential commodities, 29 items experienced price increases, including potatoes, garlic, rice, and liquefied petroleum gas (LPG), while 5 items experienced price declines, including onions, sugar, and flour. Potato prices increased by 7.15%, chicken meat by 6.94%, and LPG by 3.06%. Onions decreased by 9.83%, tomatoes by 5.40%, and sugar by 0.31%.


According to the Sensitive Price Index (SPI), the inflation rate for those earning up to Rs17,732 per month was 31.56%. The rate was 32.55% for those earning between Rs17,733 and Rs22,888 per month, and 34.86% for those earning between Rs22,889 and Rs29,517 per month. Inflation rates between Rs29,518 and Rs44,175 per month were 36.36%, and for those over Rs 44,176 per month were 35.83%.


The country’s economy is facing a balance of payments crisis and struggling to service high external debt. Recently, Pakistan and the International Monetary Fund (IMF) failed to reach a staff-level agreement within the stipulated time to revive the $6.5 billion bailout package. Both parties, however, agreed on a set of measures that may lead to a deal.

Despite efforts by Finance Minister Ishaq Dar to hold back-to-back meetings, the government was unable to provide adequate and convincing assurances to the IMF mission, led by Nathan Porter, resulting in the 10-day mission ending without a staff-level agreement.


Pakistan’s economy continues to suffer from inflation, with the highest rate since May 1975, causing significant strain on its citizens.

Written by Aly Bukshi

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