Inflation measured by the Consumer Price Index (CPI) shot up to 27.26 percent year-on-year (YoY) in August, data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.
Last month, the YoY inflation was measured at 24.93pc, which was the highest figure in over 14 years, whereas in August 2021, CPI stood at 8.4pc
A PBS official said that August’s 27.26pc was the second-highest figure recorded in the country’s history.
According to the PBS, inflation in urban and rural areas increased by 26.24pc and 28.70pc year-on-year, respectively.
On a month-on-month basis, the CPI showed an increase of 2.45pc.
The inflationary trend was driven by a double-digit increase in almost all sub-indices, especially transport, food and housing, and utilities.
Index-wise increase in inflation YoY:
Perishable food items: 33.85pc
Non-perishable food items: 28.25
Housing and utilities: 27.57pc
Restaurants and hotels: 27.43pc
Alcoholic beverages and tobacco: 25.78pc
Furnishing and household equipment maintenance: 21.86pc
Recreation and culture: 21.78pc
Miscellaneous goods and services: 19.97pc
Clothing and footwear: 17.63pc
PBS data showed that electricity prices rose as high as 123.37pc year-on-year while motor fuels increased by up to 87.34pc.
Prices of food items also skyrocketed, with rates of pulse masoor and onions rising by up to 118.64pc and 96.70pc, respectively, over the same month last year.
Catastrophic monsoon floods this year have caused widespread destruction and sent food prices skyrocketing, putting many staples out of the reach of the poor.
The floods have submerged a third of the country, killing more than 1,100 people and affecting over 33 million.
The rains — which began in June, and whose unusual intensity has been blamed on climate change — have also damaged vast swathes of rich agricultural land and crops. Parts of the mountainous north and breadbasket south have been cut off because roads and bridges have been washed away.
With millions of acres of farmland still under water and certain roads inaccessible, prices are expected to climb further.