According to the latest Pakistan Bureau of Statistics (PBS) weekly report, the annual inflation rate has surged to 23.59 per cent. The report highlights increases in prices for 29 essential items over the past week, while five items maintained stable prices and 17 experienced price reduction
The data indicates differentiated inflation rates for rural and urban areas, with rural inflation at 5.28 per cent and urban inflation at 4.15 per cent.
The Reserve Bank of India (RBI) is unlikely to reduce the benchmark interest rate in its upcoming monetary policy review meeting. The meeting, chaired by Reserve Bank Governor Shaktikanta Das, is underway in Mumbai
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"Well, PM Modi has given a huge gift to the people of the country in the form of the wholesome inflation rate which is 13-month high," AAP Punjab said in a post on 'X'.
US Federal Reserve Chair Jerome Powell said it was prepared to maintain the current interest rate for "as long as appropriate" so as to align the inflation rate with its 2 per cent target.
The government's decision to devalue the currency by over 50 per cent within a year and eliminate subsidies as part of the latest instalment of the International Monetary Fund bailout package has exacerbated the nation's cost-of-living crisis.
The people of Pakistan's Lahore are now demanding economic relief from the newly formed government of Maryam Nawaz Sharif after suffering from skyrocketing inflation. And additional expenses during the festive season of Ramzan are increasing the strain on their financial condition.
This surge in weekly inflation has pushed the annual inflation rate to an alarming level of 32.89 per cent, reflecting mounting pressure on the country's economy.
US Fed had raised interest rates from near zero to now 5.25-5.50 per cent in the fight against inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.
The Pakistan-based news daily reported that this report follows the central bank's recent announcement of its monetary policy, which tempered earlier optimism about a sharp decline in inflation in the second half of the fiscal year. Price stability is the central bank's primary objective und
The WPI index for all commodities was 152.4, with an inflation rate of (-)0.52 per cent, primary articles category witnessed an inflation rate of 6.34 per cent, with a WPI index of 189.6, the inflation rate for fuel and power was at 2.96 per cent, with a WPI index of 149.6, manufactured prod