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Thursday Jul 02 2020
By
Web Desk

Inflation soars to 8.6% in June

By
Web Desk
Prices of eggs, tomatoes, wheat, flour, fresh vegetables and chicken increased in June, according to PBS. Photo: File

ISLAMABAD: Monthly inflation rose to 8.6% in June, according to data compiled by the Pakistan Bureau of Statistics (PBS).

According to the data by PBS, the rate was 8.22% year-on-year in May, with the prices of eggs, tomatoes, wheat, flour, fresh vegetables and chicken increased in June.

Petroleum prices which had fallen sharply in previous weeks shot up again last week across the country, a factor that will have its impact in next month's Consumer Price Index (CPI).

The average inflation rate currently stands at 10.74% in the outgoing fiscal year 2019-20 that ended June 30. The CPI peaked in January, registering 14.56% year-on-year, the data said.

In April, the annual consumer inflation fell to an eight-month low of 8.5% compared to 10.2% in March mainly due to falling energy prices, but the lockdown-induced waning consumer demand painted a bleak economic picture with early signs of disinflation, reported The News.

Consumer inflation was still a little above 8.3% recorded in April 2019. On a month-on-month basis, it decreased by 0.8% in April 2020 from 0.04% in the previous month and an increase of 0.7% in April 2019.

CPI inflation raced up to 10.5% in August last year from 8.4% a month earlier.