Finally, there has been inflation in Pakistan for a very long time. After four months, in September Pakistan’s inflation rose for the first time. This occurred after the Pakistan government had hiked the fuel prices in Pakistan so that it could meet the International Monetary Fund conditions for the $3 billion bailout program. This is really great news in Pakistan right now. And this news is viral on Twitter (X) this time. Now consumer prices have jumped to 31.44% in the last month from the start of this year. Read this entire article without missing anything to know about every single thing about this great inflation news.
Pakistan’s inflation rose for the first time in four months. This happened after the fuel prices were raised in Pakistan, this has been done by the Pakistan government. It has been done so they can meet the International Monetary Fund conditions for an ongoing bailout program of $3 billion. As per the data from the Pakistan Bureau of Statistics, in September, it has been reported that Consumer prices have now jumped to 31.44%. In August, 27.4% was notched by the reading exceeding the median estimate and increased by 30.95% in the Bloomberg survey. Scroll down to the next paragraph of this article.
According to the source, the policymakers have a case to increase the benchmark policy rate in the upcoming meeting which is on the 30th of October 2023. From June to now the record interest rates have cooled prices. In October, it is expected that the central bank will have inflation rise because of the hike in energy prices with some slow gains till June 2024. Reports say that the average projection for price hikes ranges from almost 20 to 22%. The government of Pakistan has hiked the fuel price on the surging global prices and the plans to raise the gas prices are on way as part of the IMF conditions has continued a bailout program which started in July 2023. Keep reading.
It is expected that there might be a protest in Pakistan by the people who live there because of the hiked fuel rates and upcoming hiked gas rates. It is also claimed that in last month the prices of Transport has also been raised to 31.26% as compared to last year and the costs of food have also been hiked to 33.11%. And the price of electricity, water, and housing has been increased by 29.70%. The price of LPG has been increased to Rs. 20.86 per kg by the country’s Oil and Gas Regulatory Authority (OGRA).