The Bureau of Statistics has released concerning data regarding inflation for the month of October 2023, revealing a staggering inflation rate of 26.89%. This marks a continuation of the upward trend in prices, posing significant economic challenges for Pakistan.
According to the Institute of Statistics, the cumulative inflation rate from July to October stands at 28.48%. In urban areas, inflation increased by 1.07% in October, while rural areas experienced a slightly higher inflation rate of 1.10%.
The detailed report highlights specific categories that witnessed significant price hikes in just one month. Notably, onions recorded an increase of 38.7%, vegetables 17.7%, fruits 6.4%, eggs 6%, and potatoes 3.72%. Additionally, electricity costs surged by 8.2%, and marriage hall rents increased by 5.4%.
On an annual basis, essential commodities registered alarming increases: spices rose by 84.5%, sugar by 69.9%, flour by 63.3%, rice by 62.2%, beans by 56.8%, tea by 54.9%, and flour by 37.7%. Other sectors also witnessed substantial hikes, with textbooks becoming more expensive by 85%, medicines by 36.6%, motor fuel by 30.8%, gas by 62.8%, and electricity by 50.6%.
The inflationary pressures depicted in the data emphasize the urgent need for economic measures to curb rising prices and alleviate the impact on the cost of living for the people of Pakistan. The report underscores the ongoing challenges faced by the caretaker government in controlling inflation and maintaining economic stability.
