ISLAMABAD, Aug 12: Inflation rose to an all-time high of 24.33 per cent last month as against 6.37 per cent in July of last year on the back of spiralling food and energy prices.

The coalition government seems to have failed to control price hike as the first month of the fiscal year witnessed a highest ever increase in inflation -- 3.34 per cent over the previous month.

Rising food and fuel prices have boosted inflation measured through consumer price index (CPI) in the past few months.

Increase in domestic oil prices at least five times has pushed up the price of every commodity since March.

Although oil prices have fallen to $112 per barrel from $147 in the international market, the government has not passed on the relief to consumers.

Government has set an annual inflation target for 2008-9 at 12 per cent, saying that it will be impossible to bring it down from the current level because of the rising trend in international oil prices, coupled with global food shortages.

Figures released by the Federal Bureau of Statistics (FBS) on Tuesday showed that food inflation ballooned to 33.81 per cent in July -- the highest in the region and the country’s history -- over the corresponding month of last year.

Prices of non-perishable food items saw an increase of 35.40 per cent and of perishable items 22.87 per cent.

The price spiral is not seasonal because industrial goods have also recorded a tremendous increase.

Potatoes, spices, tea, sugar, onions, masoor, milk powder, wheat, beverages, vegetable ghee, cooking oil, fresh milk, honey, milk products, bakery and confectionary items, wheat flour, meat, rice, cereals, whole gram, gur, eggs, precooked food and mustard oil saw unprecedented price hikes in July.

Analysts said that given the good monsoon expectations, there were signs of prices of perishable food products coming down.

However, they cautioned that the price hike was pushing the country towards a long-term recession, which might lead to increase in poverty and food insecurity.

Lack of administrative measures against hoarders was fueling food inflation, they added.

The non-food and non-energy core inflation swelled to 14.7 per cent, the highest in the past couple of years, as against 6.5 per cent of last year, on account of rising house rent and medicare sub-indices despite the tight monetary policy of the State Bank.

House rent increased by 13.27 per cent and medicare cost by 9.83 per cent.

Non-food inflation spiked to over 20 per cent.

Transportation charges recorded an increase of 37.18 per cent and education 10.04 per cent.

The wholesale price index (WPI), the most commonly used measure to monitor the cost of production, rose to 34.02 per cent, a record.

It indicated an increase in prices of 425 items at the wholesale level. The trend shows that the prices at the retail level will increase further.

The average weekly inflation of essential commodities witnessed an increase of 32.98 per cent over the last year.