Consumer prices rose very slowly to 24.5% in December despite ongoing inflationary pressures, by market predictions, showing no relief for the people whose purchasing power has already reached its absolute lowest point.
The Consumer Price Index (CPI), a measure of inflation, increased from 12.3% in the same month last year to 24.5% in December, according to data released on Monday by the Pakistan Bureau of Statistics (PBS).
The majority of consumer products were still out of most people’s price range despite a minor 0.7% gain in the index movement.
Urban CPI inflation jumped from 12.7% in December 2021 to 21.6% on a YoY basis in December 2022. On a month-over-month basis, it grew to 0.3% in December 2022, up from 0.4% the month before and 0.3% in December 2021.
In addition, year-over-year CPI inflation in rural regions rose to 28.8% in December 2022 from a rise of 27.2% the month before and 11.6% in December 2021. In comparison to the previous month’s gain of 1.3% and the decline of 0.5% in December 2021, it increased to 0.7% in December 2022 on a month-over-month basis.
According to PBS data, food prices increased by 32.7% in cities and 37.9% in villages/towns respectively last month. Both perishable and nonperishable food item prices increased significantly from the same time the previous year.
In comparison to the same month last year, the price of the food group increased by more than one-fourth in December. However, the cost of perishable foods increased by 55.93%, indicating that there is still a substantial disparity between supply and demand.
Onion prices rose by 415% over the previous year, followed by price increases of 64% for tea and 58% for wheat. The PBS reported price increases of up to 32% for vegetable ghee and cooking oil, 26% for fresh milk, and 47% for rice.
Alcoholic beverages and tobacco prices increased 35%, while apparel and footwear prices increased 17.22%.
