Pakistan Inflation
Pakistan: July inflation figure touches 24.93 pct
Islamabad: Pakistan's citizens are bearing the burden of increasing food prices as the inflation rate in July touched a 14-year high of 24.93 per cent, media reports said.
The month-on-month increase in inflation measured by the Consumer Price Index (CPI) increased by 4.35pc in July, compared to the previous month, according to data released by the Pakistan Bureau of Statistics on Monday, reports Dawn News.
The spike comes as fuel prices skyrocketed since the last week of May after the new coalition government scrapped costly fuel subsidies in an attempt to tame the surging fiscal deficit and revive the stalled International Monetary Fund (IMF) loan programme.
The last time prices accelerated so fast was in November 2008, when CPI was recorded at 24.3pc. The index has since mostly remained below 15pc with a few exceptions. It was a sharp increase in the headline inflation — May at 13.8pc and June at 21.3pc, the Pakistani newspaper reported.
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