ISLAMABAD: Pakistan’s Consumer Price Index (CPI) increased to 20.68 percent in March on a year-on-year basis, the Pakistan Bureau of Statistics (PBS) data showed on Monday.
Top commodities that varied from corresponding month of the previous year included tomatoes (188.44 percent), onions (84.06 percent), fresh vegetables (55.31 percent), condiments and spices (49.08 percent), sugar (37.29 percent), wheat flour (32.68 percent), beverages (27.69 percent) and meat (22.42 percent).
The commodities that recorded a decrease in prices were cooking oil (22.59 percent), vegetable ghee (20.13 percent), mustard oil (15.78 percent), fresh fruits (4.15 percent) and gram flour (0.68 percent).
“CPI National for the month of March, 2024 increased to 20.68 percent over March, 2023,” the PBS said in its monthly survey.
Monthly inflation for March registered a 1.71 percent increase from the previous month.
The non-food commodities that recorded an increase in prices over the past month included electricity (5.11 percent), tailoring (3.13 percent), liquified hydrocarbons (2.90 percent), readymade garments (2.22 percent), motor fuel (1.70 percent), and drugs and medicines (1.19 percent).
Last month, Pakistan’s central bank held its key interest rate at 22 percent for the sixth straight policy meeting as inflation risks continued to loom. The decision was in line with expectations of a majority of analysts, although most were also expecting rate cuts from the second quarter of this year.
The bank said that although the inflation rate had eased in February, it remained high and was subject to risks.
Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the International Monetary Fund for a critical $3 billion bailout program that expires this month.
