[ad_1]
Pakistan took the crown of Asia’s fastest inflation from Sri Lanka as a weaker currency and rising food and energy costs sent prices to a record high in April.
Consumer prices rose 36.4% in April from a year earlier, the highest level since 1964, according to data released by the Census Department on Tuesday. That compares with a median estimate of a 37.2% gain in a Bloomberg poll and an increase of 35.4% in March. Data appears Inflation in Pakistan It outpaced price gains in Sri Lanka, which eased to 35.3% in April and is starting to show signs of recovery from the economic crisis.
the Pakistani rupees It is one of the worst performing currencies globally so far in 2023, having fallen 20% against the dollar, and making imported goods more expensive. The data showed that transport prices jumped 56.8 percent, while food inflation accelerated by 48.1 percent in April compared to a year earlier. Clothing and footwear prices increased by 21.6% and housing, water and electricity costs increased by 16.9%.
Inflation in Pakistan is expected to rise further after the authorities raised taxes and fuel prices to meet the International Monetary Fund’s conditions for reviving a $6.5 billion loan programme. To curb price pressures, the State Bank of Pakistan raised its benchmark interest rate last month to 21% – the highest rate since central bank data dating back to 1956. Rising inflation could drive up borrowing costs in the South Asian country which is grappling with a slowdown. . Recovery after last year’s floods. High prices are adding more pressure on Prime Minister Shahbaz Sharif, who is facing a political crisis. His rival, Imran Khan, is seeking snap elections and has threatened to return to street protests.
Consumer prices rose 36.4% in April from a year earlier, the highest level since 1964, according to data released by the Census Department on Tuesday. That compares with a median estimate of a 37.2% gain in a Bloomberg poll and an increase of 35.4% in March. Data appears Inflation in Pakistan It outpaced price gains in Sri Lanka, which eased to 35.3% in April and is starting to show signs of recovery from the economic crisis.
the Pakistani rupees It is one of the worst performing currencies globally so far in 2023, having fallen 20% against the dollar, and making imported goods more expensive. The data showed that transport prices jumped 56.8 percent, while food inflation accelerated by 48.1 percent in April compared to a year earlier. Clothing and footwear prices increased by 21.6% and housing, water and electricity costs increased by 16.9%.
Inflation in Pakistan is expected to rise further after the authorities raised taxes and fuel prices to meet the International Monetary Fund’s conditions for reviving a $6.5 billion loan programme. To curb price pressures, the State Bank of Pakistan raised its benchmark interest rate last month to 21% – the highest rate since central bank data dating back to 1956. Rising inflation could drive up borrowing costs in the South Asian country which is grappling with a slowdown. . Recovery after last year’s floods. High prices are adding more pressure on Prime Minister Shahbaz Sharif, who is facing a political crisis. His rival, Imran Khan, is seeking snap elections and has threatened to return to street protests.
[ad_2]
