KARACHI: Pakistan’s inflation rate was recorded at 23.1 percent in February, marking its lowest level since June 2022, on an annual basis despite surging food and energy costs, according to official data released on Friday.
Pakistan continues to face historically high inflation, though the situation has improved from the all-time high level of 38 percent recorded last year in May.
Last month, the prices of tomatoes and cigarettes saw substantial increases of 114.6 percent and 71.2 percent, respectively, on an annual basis. Condiments and spices rose by 55.3 percent, sugar by 53.4 percent, fresh vegetables by 46.2 percent and wheat flour by 45 percent.
In the non-food category, gas charges skyrocketed by 318.7 percent, electricity charges by 74.9 percent, transport services by 35.1 percent, textbooks by 34.7 percent, newspapers by 34.2 percent and accommodation services by 29.5 percent.
February’s inflation, the lowest in 20 months, suggests a potential easing in the country’s monetary policy stance.
“The low inflation rate was expected and interestingly despite incorporating recent gas and petroleum price increase in February the number is low. We will see this trend continue in the future and inflation trajectory will be downward,” Tahir Abbas, head of research at Arif Habib Limited, told Arab News.
Given the February inflation rate, experts predict the central bank will begin monetary policy easing from March onwards, with the market anticipating an indicative interest rate cut of around 1 percent this month.
Since June last year, the State Bank of Pakistan has maintained the interest rate at an all-time high of 22 percent.
The central bank recently adjusted its average inflation forecast for the current fiscal year to 23-25 percent, up from 20-22 percent, due to hikes in energy prices.
Inflation in Pakistan hits 23.1%, reaching its lowest point since June 2022
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Inflation in Pakistan hits 23.1%, reaching its lowest point since June 2022
- Pakistan faces historically high inflation, though the situation has improved from 38 percent recorded last year in May
- Given the February inflation rate, experts predict the central bank to begin monetary policy easing from this month
Pakistan warns of landslides, avalanches in northwest amid snowfall forecast
- Provincial authority warns snowfall may cause road closures, slippery conditions in Khyber Pakhtunkhwa districts in next 24 hours
- Disaster management authority urges people to exercise caution, avoid unnecessary traveling during next 24 hours in Khyber Pakhtunkhwa
PESHAWAR: Pakistan has warned of landslides and avalanches in the hilly areas of northwestern Khyber Pakhtunkhwa (KP) in the next 24 hours, the Provincial Disaster Management Authority (PDMA) said on Monday, advising the public to remain cautious and avoid unnecessary travel.
In a weather forecast issued by the PDMA KP, the authority warned that snowfall may cause road closure and slippery conditions in the northwestern Naran, Kaghan, Dir, Swat, Buner, Malakand, Kohistan, Mansehra, Abbottabad, Shangla and Galliyat districts in the next 24 hours.
“Possibility of landslides/avalanches in hilly areas of the province during the [24 hours] period,” PDMA said.
“Travelers and tourists are advised to remain extra cautious and avoid unnecessary travel during the period.”
It also warned of foggy conditions in patches at scattered places over Peshawar, Mardan, Nowshera, Charsadda Swabi and D.I. Khan districts during late nights and early mornings in northwestern Pakistan.
Pakistan, which contributes less than one percent of global greenhouse gas emissions, is recognized among countries that are most vulnerable to climate change.
Scientists say rising temperatures are making South Asia’s monsoon rains more erratic and intense, increasing the risk of flash floods and landslides in mountainous regions such as KP and northern Gilgit-Baltistan.
Authorities in the past have urged people to avoid northern areas or exercise caution in travel when weather conditions are expected to deteriorate in winter season.
At least 21 people, including nine children, died in freezing temperatures after being stuck in their vehicles in the Pakistani hill station of Murree in January 2022 when the roads became impassable.
