Inflation increases 2.1 per cent in July, hits 8-month high

LAHORE: Inflation rates have surged to their highest level in eight months, with a 2.1 per cent increase recorded in July 2024. This marks the steepest monthly rise since November 2023. Despite the sharp monthly increase, the annual inflation rate has dropped to 11.1 per cent, down from 28.3 per cent in July 2023.

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The Pakistan Bureau of Statistics (PBS) reported that while the overall inflation rate rose by 2.1 per cent last month, the annual rate has significantly decreased from 28 per cent to 11.1 per cent. The monthly inflation rate in June 2024 was 12.6 per cent, highlighting a notable monthly fluctuation.

Inflation varied between urban and rural areas, with urban inflation at 13.2 per cent compared to 8.1 per cent in rural regions. Significant price hikes were observed in food items: tomatoes surged by 75.82 per cent, vegetables by 29.71 per cent, dry milk by 17.34 per cent, and chicken by 10 per cent.

Additionally, the cost of wheat flour increased by 8.23 per cent, and prices for potatoes, white gram, milk, wheat, fruits, and honey also rose.

The report also noted increases in hospital charges, fuel, hosiery, and motor fuel, while bakery items, fish, and transport fares saw price reductions.

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Clothing and shoes became 18.18 per cent more expensive over the past year, and housing, electricity, water, and gas charges rose by 25.30 per cent.

Health facilities have seen a 19 per cent price increase compared to last year, transport fares have risen by 12 per cent, and entertainment and dining costs have also gone up. – INP