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Here’s how much your wallet shrank in January

PBS releases monthly inflation report

SAMAA | - Posted: Feb 5, 2020 | Last Updated: 10 months ago
SAMAA |
Posted: Feb 5, 2020 | Last Updated: 10 months ago
Here’s how much your wallet shrank in January

Photo: Online

Inflation increased by 14.6% in January as compared to the same period last year, according to the Pakistan Bureau of Statistics’ recently released monthly inflation track report.

The report includes the prices of commodities which witnessed a price hike. The increase of commodity prices was noted in comparison to what they were:

  • In the preceding month of December 2019 when the inflation monitors recorded a 12.6% increase.
  • In the same month last year ie January 2019 when it was 5.6%.

It noted that the prices of perishable food items increased by 1.12% since December. However, a remarkable change was noted in the year-to-year comparison where, since January last year, the prices have hiked a whopping 90.26%.

The report laid out a number of commodities as its benchmark.

In the month-to-month comparison, the price of daal moong recorded a 19.74% increase followed with an 18.2% increase in the price of daal chana. Wheat became 12.63% more expensive as compared to December.

According to the year-to-year comparison, the price of tomatoes increased by 157.26%, marking the biggest change followed by the prices of onions and fresh vegetables which soared by 125.32% and 93.6% respectively.

The wheat price recorded an increase of 32.18% and sugar surged 26.39%.

SBP Governor Reza Baqir, in his monetary policy announcement, where he kept the interest rates unchanged (at 13.25%), stated that the expected mid-term inflation is between 5% and 6%.  

Market experts, however, disagree. They say that the mid-term inflation rate will be around 9% and the policy rates may not see a slash up until 2021.

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