Inflation hits 8-month high, July sees 2.1% monthly increase

LAHORE, Aug: Inflation rates have surged to their highest level in eight months, with a 2.1 percent increase recorded in July 2024. This marks the steepest monthly rise since November 2023. Despite the sharp monthly increase, the annual inflation rate has dropped to 11.1 percent, down from 28.3 percent in July 2023.
The Pakistan Bureau of Statistics (PBS) reported that while the overall inflation rate rose by 2.1 percent last month, the annual rate has significantly decreased from 28 percent to 11.1 percent. The monthly inflation rate in June 2024 was 12.6 percent, highlighting a notable monthly fluctuation.
Inflation varied between urban and rural areas, with urban inflation at 13.2 percent compared to 8.1 percent in rural regions. Significant price hikes were observed in food items: tomatoes surged by 75.82 percent, vegetables by 29.71 percent, dry milk by 17.34 percent, and chicken by 10 percent. Additionally, the cost of wheat flour increased by 8.23 percent, and prices for potatoes, white gram, milk, wheat, fruits, and honey also rose.
The report also noted increases in hospital charges, fuel, hosiery, and motor fuel, while bakery items, fish, and transport fares saw price reductions. Clothing and shoes became 18.18 percent more expensive over the past year, and housing, electricity, water, and gas charges rose by 25.30 percent.
Health facilities have seen a 19 percent price increase compared to last year, transport fares have risen by 12 percent, and entertainment and dining costs have also gone up.