The rate of inflation, as a percentage of the national Consumer Price Index (CPI), increased by 7% on all food items in January 2023.
According to the National Bureau of Statistics, prices for all food groups went up by 7.82%, which is indicative of a 75% jump this year compared to the overall rate of inflation of food groups last year, which stood at just 1.9%.
Apart from food, prices on all consumer items increased by 0.96% in January 2023 compared to December last year; marking the most significant month-on-month inflation bump.
On the other hand, the year-on-year change of the inflation saw a 3.99% increment, which is the highest it has been in the last four years. The largest price jump was observed in cafes and restaurants with a 4.3% increment from December 2022 to January this year.
Moreover, the price jump on all consumer items reflected the hike in the General Goods and Services Tax (GGST) to 8% from 6%; which became effective on 01st January 2023.
Meanwhile, according to World Bank, the rate of inflation on all food groups in South Asia is currently beyond 23% with further hike expected this year.