Skip to main content
Best News Website or Mobile Service
 
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
 
Digital Media Awards Worldwide
Hamburger Menu

Advertisement

Advertisement

Business

Pakistan's Oct CPI accelerates to 26.6% y/y on food and fuel costs  

Pakistan's Oct CPI accelerates to 26.6% y/y on food and fuel costs  

FILE PHOTO: A vendor arranges different types of rice, with their prices displayed, at his shop in a wholesale market in Karachi, Pakistan, June 1, 2015. REUTERS/Akhtar Soomro

KARACHI, Pakistan : Pakistan's consumer inflation accelerated in October to 26.6 per cent from a year earlier, the statistics bureau said on Tuesday, with prices showing a rise of 4.7 per cent from the previous month.

In September, the consumer price index rose 23.2 per cent on year, slowing from a decades-high 27.3 per cent in August.

The rise in consumer prices in October from last month was boosted mainly by electricity and food prices, the bureau said in a statement. The higher CPI from October last year was due to the rising costs of food and fuel.

Persistently high inflation has put severe strain on the South Asian country's economy, which is also reeling from falling foreign exchange reserves, a depreciating and unstable currency, as well as a widening current account deficit.

Foreign exchange reserves with the central bank stand at $7.4 billion, barely enough to cover a month's imports.

Devastating floods in August, that killed more than 1,700 people, have added to the country's woes with massive damage to standing crops and inundation of agricultural lands.

In September, the central bank, while keeping the main policy rate unchanged at 15 per cent, projected inflation after the floods to be on the higher side of a prior estimate of 18 per cent-20 per cent in FY2022-23.

Source: Reuters

Advertisement

Also worth reading

Advertisement