Inflation in Pakistan hits record high yet again
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In August, Pakistan experienced a surge in headline inflation, reaching 27.4% year-on-year, as indicated by official data. This increase was attributed to a depreciating rupee and escalating expenses linked to an IMF bailout package, which hindered the government's efforts to control rising prices.
During the summer, Pakistan faced a looming default situation, but it was averted when the International Monetary Fund provided assistance under the condition that the government reduce subsidies that had previously moderated living expenses.
Subsequently, the rupee's value reached a significant milestone, surpassing Rs300 against the US dollar, while Islamabad raised petrol prices and witnessed a spike in electricity costs, leading to widespread discontent among the population.
Government statistics released on Friday indicated a 1.7% month-on-month price increase in August, with the year-on-year figure of 27.4% trailing only one point behind July's, offering little relief.
In August, motor fuel costs rose by 8% compared to July, water bills in urban areas increased by over 11%, and the price of tomatoes surged by as much as 82%
