Islamabad, 2 March 2023 (GNP): According to the Pakistan Bureau of Statistics(PBS), the Consumer Price Index (CPI) measured inflation and showed an increase by 31.5 percent in February while a year back, there wasn’t inflation to this extent. Furthermore, the cost of food, refreshments and transport rose by 45 percent.
According to an insider from Pakistan Bureau of Statistics (PBS), the previous month’s inflation was the highest since 1974. The 1973–1974 fiscal year saw an average annual rate of 32.78 percent inflation.
Prices of food and non-alcoholic beverages increased sharply by 45.07 percent as compared to last year, while those of alcoholic beverages and tobacco increased by 47.59 percent as a result of higher cigarette taxes.
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To assist earn an additional 170 billion rupees ($639 million) in revenue for the fiscal year through July, the government passed an addendum bill in February that raised the goods and services tax from 17 percent to 18 percent.
The government is trying to raise money through taxes and has allowed the rupee to depreciate as it negotiates an agreement with the International Monetary Fund (IMF) to secure more than $1 billion in cash.
