Pakistan’s Inflation Hits 6-Month High of 43%: Get the Full Details
Published on: December 16, 2023.
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Pakistan’s Inflation Reaches 6-Month High of 43%
Pakistan’s weekly inflation rate has reached a new high of 43.16%, the highest level since June 1, according to the Pakistan Bureau of Statistics. The main drivers of inflation are food items, particularly sugar, pulses, eggs, and rice, which have seen significant price increases over the year.
The Sensitive Price Indicator (SPI) has decreased by 0.06% week-on-week, but it remains above 40% for the fifth consecutive week. This high inflation rate has led the State Bank of Pakistan to keep its benchmark interest rate at a record high of 22%. The central bank is waiting for signs of easing inflation pressures before making any changes.
Pakistan’s inflationary pressures are causing difficulties for consumers who are experiencing rising prices for essential goods. To combat high inflation, the State Bank of Pakistan has increased interest rates by a total of 15 percentage points over the last two years.
For more information on Pakistan’s inflation and its impact on the economy, visit the source article on India.com.
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