ISLAMABAD: The country’s inflation, measured by Consumer Price Index (CPI) remained at 3.94 per cent in the month of March on year-on-year basis.
According to the Pakistan Bureau of Statistics, the average CPI-based inflation rate in July-March period also slightly picked to 2.64%. It will not affect the overall inflation target of 6%, as reinforced in the latest monetary policy statement.
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The Wholesale Price Index (WPI) remained subdued at 0.2% on annualised basis but was negative on month-on-month basis. For the fifth successive month, non-food, non-energy inflation, commonly known as core inflation, further increased to 4.7% in March over the same month of the previous year, according to the PBS. Core inflation had been recorded at 3.4% in October and, after that, it has been gradually ticking up, indicating that the underlying inflationary pressures were persistent.
According to the PBS, prices of food and non-alcoholic beverage group increased to 2.45% in March over a year ago. The price of sugar went up further in March despite bulk stocks, highlighting the impact of the government’s decision to encourage exports. The sugar price increased 14.9% last month over a year ago.
The food group has over one-third weight in CPI basket and any change in prices trends has an effect on overall prices. Prices of perishable food items also increased 2.6% year-on-year basis in March, according to the PBS.
The rates of pulses surged 54%, followed by 44% increase in onion prices. There was also an upward trend in prices of garments, tailoring, construction wagers, doctors and education fees.
