Massive hike in gas prices pushes inflation to 29.2 percent in Nov

ISLAMABAD-Inflation has accelerated to 29.2 percent in November this year following massive increase in gas prices.
Inflation measured through consumer price indicator (CPI) was recorded at 26.8 percent in October. However, it has once again surged to 29.2 percent in the previous month of November this year after the gas prices increased, according to the latest data of Pakistan Bureau of Statistics (PBS). The federal government for the current fiscal year 2023-24 had set inflation target at 21.5 percent.
According to the latest data of PBS, the inflation on a monthly basis has increased to 2.7 percent in November 2023 as compared to an increase of 1 percent in October. The CPI inflation (urban) increased by 30.4 percent on a year-on-year basis in November 2023. Meanwhile the CPI inflation (rural) has enhanced by 27.5 percent.
The CPI inflation has increased by 28.62 percent in five months of the current fiscal year. The Sensitive Price Index (SPI), which gauges rates of kitchen items on a weekly basis, increased by 30.80 percent. On a monthly basis, Wholesale Price Index (WPI) inflation on YoY basis increased by 24.98 percent in July yo November 2023.
The break-up of inflation of 29.23 percent showed that food and non-alcoholic beverages prices increased by 27.95 percent last month. Similarly, health and education charges went up by 24.87 percent and 13.56 percent, respectively. Similarly, prices of utilities (housing, water, electricity, gas and fuel) increased by 32.97 percent in the last month. Meanwhile, the prices of alcoholic beverages and tobacco went up by around 82.84 percent. Prices of clothing and footwear increased by 20.87 percent and furnishing and household equipment maintenance charges 34.5 percent. Recreational charges and those related to culture went up by 53.56 percent in the period under review, while amounts charged by restaurants and hotels by 31.45 percent in November 2023 as compared to the same month last year.
In rural areas, the food items which saw their prices increased during November 2023 included tomatoes (57.67 percent), onions (12.83 percent), potatoes (12.53 percent), eggs (8.87 percent), fresh fruits (7.52 percent), tea (6.06 percent), dry fruits (5.95 percent), fish (3.52 percent), dessert preparation (3.23 percent), wheat (2.38 percent), wheat flour (1.46 percent), butter (1.1 percent), honey (0.87 percent), wheat products (0.85 percent) and beverages (0.72 percent). In non-food commodities, prices of following commodities enhanced: woolen readymade garments (22.02 percent), household textiles (5.94 percent), woolen cloth (4.55 percent),footwear (4.18 percent), Hospital services (3.83 percent), doctor clinic fee (2.53 percent), marriage hall charges (2.03 percent).
In rural areas, prices of following items reduced: sugar (8.11percent), condiments and spices (8.06 percent), gur (7.61 percent), chicken (4.13 percent), pulse Mash (3.67 percent), fresh vegetables (3.37 percent), pulse gram (3.10 percent), gram whole (2.82 percent), besan (2.67 percent), mustard oil (2.08 percent), pulse masoor (1.70 percent), rice (1.44 percent), vegetable ghee (1.43 percent) and cooking oil (1.39 percent).
In urban areas, prices of following commodities increased: tomatoes (60.42 percent), potatoes (14.92 percent), tea (12.95 percent), onions (12.32 percent), dry fruits (7.91 percent), fish (7.75 percent), eggs (7.15 percent), fresh vegetables (4.47 percent), beverages (0.83 percent), honey (0.68 percent), readymade food (0.53 percent), meat (0.36 percent), butter (0.29 percent), sweetmeat (0.28 percent) and milk powder (0.16).

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