Pakistan reports record high inflation of 36.4% in April

Pakistan saw a record high inflation of 36.4 percent year on year in April, the Pakistan Bureau of Statistics (PBS) has said, reported Xinhua.

Inflation in April increased by 2.4 percent month on month with the food price hike remaining as the major driver behind the rise, said the agency on Tuesday.

Consumer Price Index (CPI) of the food group increased to 261.17 in April from 176.38 a year earlier, marking a surge of over 48 percent while the transport group rose 56.77 percent.

The data showed an increase in the price of wheat flour of 106.7 percent, wheat of 103.52 percent, eggs of 100.88 percent, rice of 87.86 percent, potatoes of 76.87 percent, chicken of 43.13 percent and sugar of 42.14 percent.

A report released by Pakistan's well-known research firm Arif Habib Limited said the April figure has represented the highest year-on-year inflation since the data were available from July 1965.

Pakistan's Ministry of Finance predicted in its latest outlook report that inflation will remain at an elevated level in the months to come in the country, despite the contractionary monetary policy of the State Bank of Pakistan (SBP), the country's central bank.

"Its (inflation) key drivers are food and energy price hikes. Currency depreciation and rising administered prices have contributed to jacking up overall price level," said the ministry's monthly economic update and outlook report released on Saturday.