There was a significant increase in consumer prices in Pakistan in July, up about 25%, the highest increase since October 2008, as citizens were faced with rising food and energy prices, as well as a record increase in transport prices reaching 65%.
Pakistan Bureau of Statistics estimates that the annual inflation rate in July 2022 jumped to 24.9%, surpassing the Ministry of Finance’s prediction of roughly 21%.
It is the highest increase in consumer prices since October 2008, despite the rupee falling to a record low of Rs239 per dollar in previous months. This will lead to a significant price shock in the coming months.
To compensate for the additional grant of Rs30 billion to be made by the Economic Coordination Committee of the Cabinet for Pakistan State Oil, the government authorized the Federal Board of Revenue to produce a mini-budget in response to increased oil prices.
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During July, prices on the web increased 3.1% year-over-year, according to the most recent Adobe Digital Economy Index research. The way we calculate and comprehend inflation will be impacted by internet pricing trends as the digital economy grows.
Since 2021, the price of key consumer electronics products, including laptops and smartphones, has been raised about 10% due to semiconductor shortages.
Several factors have led to an increase in the price of gadgets such as chips shortages and increases in supply costs (IDC), in addition to brands bringing mid-to-premium devices to major markets such as the PC segment (IDC).