Pakistan's inflation soars to 5.8% in July

Pakistan's Consumer Price Index (CPI) inflation soared to 5.8 per cent in July, up from 5.2 per cent in the previous month, thus registering a nearly four-year high.

The current inflation rate, although less than figures estimated for the current fiscal, was fuelled by a rise in food inflation, recovery in global commodity prices including oil, consolidating domestic demand and depreciation of the rupee, The Dawn reported.

On an annual basis, the food inflation was up 3.5 per cent, and 0.6 per cent on a monthly basis.

The prices of non-perishable food items saw a marginal hike of 0.34 per cent, while that of perishable products increased by 2.3 per cent during the month.

Non-food inflation increased 7.4 per cent annually and 1.2 per cent on a monthly basis, on account of an increase in oil prices and the impact of a drop in exchange rates on consumers.

Meanwhile, core inflation was recorded at 7.6 per cent annually and 1.2 per cent on a monthly basis, excluding volatile food and energy prices.