Islamabad, May 2 (Agency) The inflation reached a two-year high of 13.37 per cent in April compared to last year and1.6 per cent higher than March, according to Pakistan Bureau Statistics (PBS). According to The News International, food and energy costs were the primary contributors to the high level of inflation. The inflation rate in April was the highest since June 2011 as the Consumer Price Index (CPI) was recorded at 13.3 per cent and in January 2020 it was 14.6 per cent, PBS said in its report published on Sunday.
Inflation, thus, has remained in double digits for the sixth consecutive month and has reached a two-year high. This has pushed the ten-month average inflation rate (July-April 2021-22) to 11.04 per cent, exceeding the State Bank of Pakistan’s anticipated upper limit for inflation, The News International reported. The International Monetary Fund (IMF) had warned Pakistan in its recent World Economic Outlook of near-term risks due to rising inflation and external environment. It also predicted that Pakistan’s current account deficit (CAD) would reach $18.5 billion and average inflation would be 12.7 per cent by this fiscal year.