ISLAMABAD: Karachi is no longer the poor man’s city rather it is the most expensive city to live in now, the State Bank of Pakistan (SBP) Inflation Monitor June 2016 revealed on Saturday.
“CPI Inflation on year-on-year basis in federal and provincial capitals of Pakistan remained lower than overall inflation during June 2016 except Karachi,” said the Statistics and Data Warehouse Department of the SBP.
The metropolitan city witnessed 4.7 per cent inflation in June 2016, a slight change from 4.6 per cent CPI in the same period in 2015, significantly surpassing other cities including Islamabad.
The federal capital, which is usually dubbed as the most expensive city in the country, saw significant drop in CPI as 2.5 per cent was recorded compared to 4.6 per cent during the same period last year.
Lahore and Peshawar also witnessed significant reduction in inflation. Lahore topped the list for being the cheapest city as it recorded 0.8 per cent inflation against its 3.2 per cent rate last year.
Similarly, Peshawar managed to decrease its inflation rate from 4.5 per cent to 1.2 per cent while Quetta could only record a slight depreciation from 2.6 to 2.5 per cent.
On month-on-month basis, Karachi and Islamabad registered 1.6 and 0.4 per cent increase in CPI, respectively. Lahore and Peshawar negative inflation with 0.2 and 0.3 per cent, respectively.
Meanwhile, Quetta’s CPI increased by 1.7%.