Pakistan's consumer price index increases to 24.9% in July, at 14 year-high

Pakistan's consumer price index (CPI) rose 24.9 per cent year on year in July as compared to the same month a year ago when it was recorded at 8.4 per cent, according to official figures.

The figures from the Pakistan Bureau of Statistics (PBS) revealed that on a month-on-month basis, the CPI increased by 4.3 per cent in July as compared to an increase of 6.3 per cent in June, reports Xinhua news agency.

The statistics said that high inflation is associated with rising prices of food and non-food items including cooking oil, vegetables, pulses, wheat, rice, milk, electricity charges, motor fuels, construction input items, and motor vehicle accessories.

In a bid to control surging inflation in the country, the government on Sunday announced to decrease petrol price by 3.05 PKR per liter.

However, economic experts said that the insubstantial cutting down will have little impact on the skyrocketing inflation in the country.

Earlier in July, the State Bank of Pakistan projected inflation to remain high during the ongoing fiscal year of 2023 due to the significant supply shock and said that the inflation rate will sharply decline in the fiscal year of 2024.

--IANS

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