Pakistan’s monthly inflation rises by 1.83% in January

KARACHI: Pakistan’s Consumer Price Index (CPI) for January rose 28.3% from a year before, data from the Pakistan Bureau of Statistics showed on Thursday.

The is the last monthly CPI data before general elections due on Feb 8; and comes as Pakistan undertakes reforms linked to a $3 billion Standby Arrangement with the International Monetary Fund (IMF).

Monthly inflation for January registered a 1.83% rise from the previous month.

Pakistan’s central bank on Monday held its key rate at 22% for the fifth policy meeting in a row and increased its full-year inflation projections.

The governor of the State Bank of Pakistan said the decision was warranted due to “elevated” inflation – which was 29.7% in December.

He said a rise in the bank’s average inflation forecast for the fiscal year ending in June to 23-25%, from a previous projection of 20-22%, was due to rising gas and electricity prices.