The inflation rate in Pakistan recorded in September on year-on-year basis rose to a staggering 31.4%, according to the Pakistan Bureau of Statistics (PBS).
This alarming figure represents a significant surge from the 27.4% reading recorded in August.
The average inflation rate for the first quarter of fiscal year 2023-24 (FY24) now stands at 29.04%, compared to 25.11% in the same period of FY23.
Breaking down the inflation data, the PBS reported that CPI (Consumer Price Index) inflation in urban areas jumped to 29.7% year-on-year in September 2023, compared to 25.0% in the previous month and 21.2% in September 2022.
On a month-on-month basis, it increased to 1.7% in September 2023, up from 1.6% in the previous month but lower than the 2.1% decrease observed in September 2022.
In rural areas, CPI inflation climbed to a striking 33.9% year-on-year in September 2023, compared to 30.9% in the previous month and 26.1% in September 2022.
On a month-on-month basis, it increased to 2.5% in September 2023, up from 1.9% in the previous month and significantly higher than the 0.2% increase seen in September 2022.
Analysts had anticipated inflation to breach the 30% mark in September, with factors like a lower base set in September 2022 contributing to this spike.
