ISLAMABAD: The inflation rate in Pakistan during September 2023 touched the highest value of the past four months (June – September). In September 2023, the inflation rate reached 31.4 per cent. According to the Pakistan Bureau of Statistics (PBS), the Consumer Price Index rose to 31.4 per cent in September compared to last year. It was the first time in four months that the reading went over 30 per cent in four months. During July 2023, the inflation rate was at 28.3 per cent.
The significant hike in inflation occurred mainly due to a constant increase in prices of electricity & fuel. In comparison to September 2022, one unit of electricity stood 164 per cent more expensive, and the gas price became 63 per cent higher in September 2023.
In terms of rural and urban distribution, the PBS stated that the inflation rate remained at 29.7 per cent in the cities and 34 per cent in the rural areas. Similarly, in urban areas, the food inflation touched 34 per cent and 34.4 per cent in rural areas.
Due to the high inflation rate in Pakistan during September 2023, sugar became 94 per cent more expensive compared to last year. Analysts believe that the surge in sugar prices occurred due to the PML-N government’s decision to export sugar. The condition of rates of other items remained as follows:
- Wheat flour became 88 per cent more expensive
- Spice price went up by 79 per cent
- Tea got 73 per cent more expensive
- The price of rice saw a two-third increase
The exponential increase in fuel prices caused a 31.3 per cent inflation rate for transport. Electricity charges went up by 164 per cent, textbooks by 102 per cent, and gas charges by 63 per cent.
