Inflation soars to 24.9%, highest in 14 years

By: 24 News
Published: 04:26 PM, 1 Aug, 2022
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Inflation in the month of July 2022 has reached the historic high at 24.9% on year-on-year basis as prices of electricity soared by 86.7%, ghee 74% and cooking oil by 72.5% when compared to the prices of these commodities in July 2021, reported 24NewsHD TV channel.

As per the figures provided by the Pakistan Bureau of Statistics (PBS) on Monday, the 24.9% inflation is the highest ever year-on-year rise since November 2008.

In the previous month of June, Consumer Price Index (CPI) inflation remained 21.3% and 8.4% in July 2021. On month-on-month basis, it increased by 4.3% in July 2022 as compared to an increase of 6.3% in the previous month and an increase of 1.3% in July 2021. 

According to the PBS, vegetables became 24% more expensive in the month of July when compared to the prices in June.  

In a period of one month, Dal Chana became expensive by 13.8%, onion by 13.6%, potatoes by 10.8% and gram flour by 10%. 

In July, wheat prices were increased by 9.75%, Dal Mash by 9.3%, and Dal Masoor by 9%. 

In one month, tea prices soared by 8.98%, egg by 8%, and cooking oil by 7.6%.

In the month of July, electricity prices were jacked up by 39.35%. Flour became expensive by 6.3% and ghee by 5%. 

In one month, the motor fuel prices were increased by 7.35%. 

If compared on year-on-year basis, the motor fuel prices rose by 94.42% in July 2022 as compared to July 2021. 

Electricity became 86.7% expensive this year as compared to the last year. Liquefied gas prices rose by 45.6%, stationery 34.8%, Dal Masoor 92.4%, onion 89.4%, mustard oil 81.95%, ghee 74%, cooking oil 72.5%, chick peas 67.4%, chicken 59%, wheat 45%, Dal Chana 43.2%, vegetable 40.4%, fruit 39.2%, gram flour 37.5%, Dal Mash 35.6% and rice prices increased by 31.2% in July 2022 as compared to July 2021. 

Reporter: Waqas Azeem