ISLAMABAD, Nov 1(ABC): Accelerating faster than anticipated, Consumer Price Index (CPI)-based inflation for October 2022 surged to 26.6% year-on-year, latest data showed, chiefly fueled by high-priced food and a hawkish monetary outlook.
According to the Pakistan Bureau of Statistics (PBS), consumer prices rose 4.7% compared to a fall of 1.2% in September 2022 month-on-month.
The inflation is not far from a 47-year high.
The inflation crossed 20% in June 2022, topping the 47-year high of 27.3% in August 2022 year-on-year.
PBS in a statement said the rise in consumer prices in October from last month was boosted mainly by electricity and food prices, while the higher CPI from October last year was caused by rising costs of food and fuel.
The numbers are in line with the market expectations.
The market was mostly bracing for the headline inflation to increase by 4% month-on-month.
Moreover, food inflation swelled 36.2% year-on-year, while transport prices sped up 53.4%, clothing and footwear prices rose 18.3% and housing, water and electricity costs rose 11.9%.