Annual inflation in May reaches record level of 37.97pc

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Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, the statistics bureau said on Thursday, showing a continued uptick in the highest ever inflation in the country.

Previously, the highest ever percentage of year-on-year inflation was recorded in April at [36.4pc].

The month-on-month rise in May was 1.58pc, the bureau said in a press release, adding vegetables, pulses and chicken prices posted the biggest increases.

Inflation is measured on the basis of a basket of products and services called the Consumer Price Index (CPI), in which items are divided into 12 major components with different weights.

According to data released by the statistics bureau today, surge in annual inflation last month was mainly driven by a rise in the prices of food and non-alcoholic beverages (34.58pc), housing and fuel (23.63pc) and clothing and footwear (8.60pc).

In the food group, items whose prices increased the most in May compared to last year were cigarettes, potatoes, wheat flour, tea, wheat and eggs and rice. In the non-food category, the items whose prices saw the highest increase were text books, stationery, motor fuels, washing soaps, detergents and match boxes.