CPI inflation hits 7.2% in January 2019
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ISLAMABAD: The inflation reading spiked 7.2 per cent in January2019, hitting the highest level in nearly four and a half years in the wake of increase in prices of utilities, medicines and an expansionary fiscal policy, reported the Pakistan Bureau of Statistics (PBS).
The cost of every notable consumer item including medicines, beef, house rent, gold and cars increased significantly last month, affecting all types of income groups of consumers. Prices are hurting consumers at a time when the economy is slowing down and many professional groups in the salaried class are facing job cuts.
The latest inflation bulletin has endorsed the central bank’s apprehension about persistent inflationary pressures, which have now led to the reversal of the two-month-old downslide in the inflation index.
The headline inflation raced to 7.2% in January 2019 compared to 6.2% in the preceding month, reported the national data collecting agency. It was the highest level since August 2014, when the headline inflation stood at 7%. Core inflation accelerated from 8.4% to 8.7% in January – the highest level since June 2014.
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