KARACHI: The State Bank of Pakistan's (SBP) report on inflation in May said that the main reason for inflationary pressures was rising food prices as the Consumer Price Index (CPI) in May The share of such items in CPI growth was 52.2 per cent as against 37.6 per cent in the same month of 2019.
According to the Dawn newspaper, the central bank report also provided details on inflation trends in urban and rural areas and said that both were dominated by rising food prices, which accounted for a large share of public income. Part spent.
Food Group's top contributors grew 52.2 percent in May from 48.3 percent in April 2020.
In addition, the share of non-food group declined to 62.4% from 62.4% in the same month last fiscal.
The SBP said that during the same month last year (May 2019), the share of non-food group was 62.4 per cent while in April 2020, the share of non-food group in CPI was 51.7 per cent.
Despite abundant production in line with local demand for important food commodities like wheat and rice, consumers are sometimes paying more than the international market for these commodities and sometimes the prices of wheat in Pakistan are even higher than the international prices. ۔
The food group's contribution to the overall CPI inflation in May rose to 63.8 per cent from 52.4 per cent in the same month last year, compared to 58.8 per cent in April.
According to a SBP report, the non-food group's share fell to 36.2 per cent in May from 41.2 per cent in the previous month, compared to 47.6 per cent in the same month last year.
Following the outbreak of the corona virus in March, the government opted for a shutdown to control the virus.
The shutdown has led to widespread unemployment, especially for daily wage earners.
At the same time, food prices rose across the country, while shortages were noted in some places.
