The Consumer Price Index (CPI) for December 2022 showed a year-over-year increase to 24.5%, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.
The report revealed that on a month-to-month (MoM) basis, inflation increased to 0.5% in December 2022 from 0.8% in the previous month.
The PBS reported that in December 2022, “CPI inflation General, jumped to 24.5% on YoY basis,” which was higher than the 12.3% rise reported for December 2021 and the 23.8% increase reported for the prior month.
The bureau said in a news statement that December prices were up 0.5% over the previous month.
The bulk of consumer products remain unaffordable to the general public despite a 2.8% decrease in index movement.
The projected inflation rate of 23-25% by the Ministry of Finance has been met.
In December 2022, PBS reported that consumer price inflation in urban areas had risen to 21.6% from a year earlier, up from the previous month’s increase of 21.6% and December 2021’s increase of 12.7%.
In December 2022, it rose 0.3% from the previous month, up from 0.4% the month before and 0.3% in December 2021.