Stats from the Pakistan Bureau of Statistics (PBS) have revealed that inflation reached 7.2 percent in January – highest in the last four and a half years.
The latest inflation spike occurred due to an increase in prices of utilities, medicines and other items, and has hit every consumer from every walk of life.
The report said that the cost of every notable consumer item, i.e., medicines, beef, house rent, gold, and vehicles, has gone up by a significant proportion in January.
At a time when the economic slowdown and overall deterred situation of the many professional groups are causing pay cuts and downsizing, the inflation rise has hit consumers below the belt.
According to the PBS, in the first month of 2019, headline inflation jumped to 7.2% from 6.2% in December. It was the highest since August 2014 where it stayed at 7%.
Similarly, Core inflation accelerated from 8.4% to 8.7% in January – the highest level since June 2014.
The report further indicates that the inflation would keep rising in the coming months due to high rates of almost every consumer item, except for perishable food.
Price Increment in January 2019
|Commodities||Price hike in %|