Pakistan inflation hits record for second consecutive month
1 year, 6 months ago

Pakistan inflation hits record for second consecutive month

Al Jazeera  

The country’s year-on-year inflation rises to record 37.97 percent as crucial IMF bailout talks remain in limbo. Pakistan’s annual inflation rate has risen to 37.97 percent in May, the statistics bureau said, setting a national record for the second month in a row. The bureau’s announcement on Thursday worsens the economic crisis in the South Asian country as crucial bailout talks with the International Monetary Fund remain stalled and the risk of defaulting on debts looms. Pakistan’s month-on-month rise in May was 1.58 percent, the bureau said in a statement, adding vegetables, pulses, wheat, wheat flour, rice, eggs and chicken in food items and fuel and gas prices caused the increase. Prime Minister Shehbaz Sharif’s government is due to present its annual budget next week, and the nation has already downgraded its growth forecast for the year ending June 30 from 5 percent to 0.3 percent.

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History of this topic

Pakistan blames IMF for record inflation, erosion in purchasing power
1 week, 6 days ago

Pakistan blames IMF for record inflation, erosion in purchasing power

Firstpost  

Under the IMF programme, Pakistan recorded 840% increase in gas prices, 110% rise in electricity rates, and 43% currency depreciation, according to Finance Minister Muhammad Aurangzeb Cash-strapped Pakistan has turned to the IMF yet again to rescue its ailing economy. Pakistani Finance Minister Muhammad Aurangzeb said on Wednesday that the country recoded 840 per cent increase in gas prices, 110 …

With 25% inflation, Pakistan has the highest cost of living in Asia: ADB
8 months, 1 week ago

With 25% inflation, Pakistan has the highest cost of living in Asia: ADB

The Hindu  

Pakistan has the highest living cost in all of Asia with a 25% inflation rate and its economy may grow at the fourth lowest pace of 1.9% in the region, according to a new Asian Development Bank report. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25% in the current fiscal year -- …

Pakistan facing "exceptionally high" economic risks, external debt to mount: IMF
1 year, 5 months ago

Pakistan facing "exceptionally high" economic risks, external debt to mount: IMF

India Today  

An assessment from the International Monetary Fund has said that Pakistan's economic challenges were complex and multifaceted and risks were exceptionally high, The Dawn reported. “Resolving Pakistan's structural challenges, including long-term BOP pressures, will require continued adjustment and creditor support beyond the current programme period,” the Fund said in a report. “A possible successor arrangement could help anchor the policy …

Pakistan inflation eases for the first time in seven months
1 year, 5 months ago

Pakistan inflation eases for the first time in seven months

Al Jazeera  

Government figures show year-on-year inflation at 29.4 percent, compared with a record 38 percent in May. Pakistan’s headline inflation eased for the first time in seven months in June, figures show – a bright spot for a beleaguered government that must call an election this year. Year-on-year inflation was 29.4 percent last month, Pakistan Bureau of Statistics data showed on …

IMF says inflation to slow growth across Mideast this year
1 year, 7 months ago

IMF says inflation to slow growth across Mideast this year

Associated Press  

DUBAI, United Arab Emirates — Economies across the Middle East and Central Asia will likely slow this year as persistently high inflation and rising interest rates bite into their post-pandemic gains, the International Monetary Fund said Wednesday. The regional slowdown also comes as an explosion of fighting in Sudan between two top rival generals — who only a year ago …

Pakistan’s inflation Asia’s fastest, outpaces Sri Lanka
1 year, 7 months ago

Pakistan’s inflation Asia’s fastest, outpaces Sri Lanka

Hindustan Times  

Pakistan took the crown for Asia’s fastest inflation from Sri Lanka as a weaker currency and rising food and energy costs drove price gains to a record in April. The data shows Pakistan’s inflation outpaced price gains in Sri Lanka that eased to 35.3% in April and is starting to show signs of recovery from an economic crisis. Pakistan’s inflation …

Pakistan inflation at record 36.4% in April, highest since 1964
1 year, 7 months ago

Pakistan inflation at record 36.4% in April, highest since 1964

Live Mint  

Inflation in Pakistan surged to a record level in April on higher food prices, weaker currency and rising energy costs. Consumer prices rose to 36.4% in April from a year earlier, the highest since 1964, the statistics bureau said on Tuesday. The bureau said Pakistan's rural areas recorded food inflation of 40.2%. Pakistan’s finance ministry said headline inflation was expected …

World Bank estimates decline in Pakistan's GDP per capita income to USD 1,399
1 year, 8 months ago

World Bank estimates decline in Pakistan's GDP per capita income to USD 1,399

Hindustan Times  

The World Bank has estimated a drop in GDP per capita income for Pakistan from USD 1,613.8 in 2021-22 to USD 1,399.1 in 2022-23, Business Recorder reported. In its report 'Macro Poverty Outlook for Pakistan: April 2023', the bank noted that GDP per capita growth is estimated at -1.5 per cent in 2022-23 in comparison to 4.2 per cent in …

IMF forecasts Pakistan’s economy to slump, inflation to rise
1 year, 8 months ago

IMF forecasts Pakistan’s economy to slump, inflation to rise

Al Jazeera  

IMF says Pakistan’s economy will grow just 0.5 percent this year, down from 6 percent in 2022. The International Monetary Fund has slashed the growth outlook for cash-strapped Pakistan, forecasting the South Asian country’s fragile economy will grow just 0.5 percent this year, down from 6 percent in 2022. The latest data on Pakistan’s ailing economy was released by the …

Pakistan inflation rises by record as IMF reforms spur gains
1 year, 8 months ago

Pakistan inflation rises by record as IMF reforms spur gains

Live Mint  

Pakistan’s inflation quickened by a record on higher taxes and energy prices, suggesting that further interest rate increases may be needed. “This was broadly expected with the persisting higher food prices, and a tax on tobacco has been implemented,” said Amreen Soorani, head of research at JS Global Capital in Karachi. “Consumer prices will go up for a couple of …

Pakistan posts highest-ever annual inflation; stampedes for food kill 16
1 year, 8 months ago

Pakistan posts highest-ever annual inflation; stampedes for food kill 16

The Hindu  

Consumer price inflation in Pakistan jumped to a record 35.37% in March from a year earlier, the statistics bureau said on Saturday, as at least 16 people were killed in stampedes for food aid. The March inflation number eclipsed February's 31.5%, the bureau said, as food, beverage and transport prices surged up to 50% year-on-year. A spokesman at the statistics …

Pakistan records highest inflation rate in past 53 years; crosses 36 pc mark
1 year, 8 months ago

Pakistan records highest inflation rate in past 53 years; crosses 36 pc mark

India TV News  

Pakistan inflation: Amid the gloomy economy, Pakistan on Saturday registered a record jump in the inflation rate, with the tally reaching nearly 36 per cent. The data released on April 1 marked the highest Consumer Price Index increase on record since July 1965, according to the investment firm Arif Habib Corporation. The short-term rate of inflation measured by the Sensitive …

Pak inflation skyrockets to 47%, essential prices soar: Report
1 year, 8 months ago

Pak inflation skyrockets to 47%, essential prices soar: Report

Hindustan Times  

Pakistan's economic crisis continues to worsen with each passing day. According to the Pakistan Bureau of Statistics, the inflation based on sensitive price indicator has been recorded at 47 per cent year on year at the week which ended on March 22. The price of onions in Pakistan have increased by 228.28 per cent, cigarettes by 165.88 per cent, wheat …

Pakistan inflation soars to 47%, Onions up 228% and wheat up 120%
1 year, 8 months ago

Pakistan inflation soars to 47%, Onions up 228% and wheat up 120%

Live Mint  

Crisis-hit Pakistan recorded a new high in inflation based on sensitive price indicator as it went to around 47% year on year the week ended March 22, 2023, according to Pakistan Bureau of Statistics data. Items that have recorded a price high are onions, cigarettes, wheat flour, gas charges for Q1, diesel, tea lipton, bananas, rice basmati broken, petrol, eggs, …

Pakistan Economic Crisis: Rising poverty, gun culture drive Pakistanis to violent crimes
1 year, 9 months ago

Pakistan Economic Crisis: Rising poverty, gun culture drive Pakistanis to violent crimes

Firstpost  

Islamabad: With the Pakistan economy in free fall, the shortage of basic items such as food, medicine and fuel and the subsequent high inflation has led to extreme hardships for a large section of the Pakistani population. The extreme shortage of necessary items due to the Pakistan economic crisis and the easy availability of sophisticated weapons has led to a …

Nothing is cheap, nothing: Pakistan's inflation at 58-year high, a record
1 year, 9 months ago

Nothing is cheap, nothing: Pakistan's inflation at 58-year high, a record

Hindustan Times  

Monthly inflation jumped to 31.6% in February year-on-year, Pakistan Bureau of Statistics said. In February, prices rose at the fastest pace ever in Pakistan's history, data showed which comes as food and transport costs drove up inflation to a point where analysts fear "families will have to make choices and sacrifices," Pakistan's Dawn reported. In February, prices rose 4.3 per …

Pakistani rupee hits record low amid IMF bailout delay
1 year, 9 months ago

Pakistani rupee hits record low amid IMF bailout delay

Al Jazeera  

Pakistani rupee dropped by 6 percent against the US dollar, while interest rate was raised to 20 percent as the country waits to unlock $1.1bn IMF fund. The Pakistani rupee has touched a record low, while a bigger-than-expected interest rate rise has failed to revive its markets as the South Asian country struggles to unlock critical funding from the International …

Inflation in Pakistan could average 33% in H1 2023, says Moody’s economist
1 year, 10 months ago

Inflation in Pakistan could average 33% in H1 2023, says Moody’s economist

Live Mint  

Inflation in Pakistan could average 33% in the first half of 2023 before trending lower, and a bailout from the International Monetary Fund alone is unlikely to put the economy back on track, a senior economist with Moody's Analytics told Reuters. "Food prices are high and they can't avoid paying for that, so we're going to see higher poverty rates …

Global Watch | No bailout package can help Pakistan as it suffers from systemic failure
1 year, 10 months ago

Global Watch | No bailout package can help Pakistan as it suffers from systemic failure

Firstpost  

Three incidents happened recently in Pakistan which shows the extent of failure of Pakistan as a nation-state and the prevailing chaos there. Third, the much awaited visit of the International Monetary Fund team to review Pakistan’s economic policies before offering a bailout package of $1.1 billion took place in early February. In the past 75 years since its formation, Pakistan …

IMF projects slowdown in Pakistan's GDP from 3.5 per cent to 2 per cent
1 year, 10 months ago

IMF projects slowdown in Pakistan's GDP from 3.5 per cent to 2 per cent

Firstpost  

Islamabad: The International Monetary Fund projected a slowdown in the Gross Domestic Product from 3.5 per cent to 2 per cent for the current fiscal, The News International reported. According to the Pakistan daily, the IMF had also projected that the GDP growth rate would rebound in the next fiscal 2023-24 up to 4.4 per cent. Responding to a query …

Pakistan inflation rises to 48-year high as IMF visits
1 year, 10 months ago

Pakistan inflation rises to 48-year high as IMF visits

The Hindu  

Inflation has risen to a 48-year high in crisis-hit Pakistan, where the International Monetary Fund is visiting for urgent talks, according to data released on Wednesday by the country's statistics bureau. Year-on-year inflation in January 2023 was recorded at 27.55%, the highest since May 1975, with thousands of containers of imports held up at Karachi port. On Tuesday, an IMF …

Pakistan inflation rises to 48-year-high of 27.55%: Report
1 year, 10 months ago

Pakistan inflation rises to 48-year-high of 27.55%: Report

Hindustan Times  

Pakistan’s inflation quickened to the fastest in almost 48 years in January as thousands of containers of food items, raw materials and equipment are stuck in ports after the cash-strapped government curtailed imports. The latest reading comes a week after the State Bank of Pakistan increased its benchmark rate to the highest in more than 24 years to help stabilize …

Pakistan economic crisis: Military, political leadership cut sorry figures as Islamabad drowns in debt
1 year, 10 months ago

Pakistan economic crisis: Military, political leadership cut sorry figures as Islamabad drowns in debt

Firstpost  

There is a very real possibility that Pakistan could fall, and fall badly. A mountain of debt – the figures Pakistan’s tumultuous history has seen it hovering on the brink of crisis several times, but this is the first time it’s slipping into possible default. Pakistan is already allotted Rs3.5-Rs3.9 trillion – i.e 4.5 per cent-5.0 per cent of GDP …

World Bank cuts Pakistan’s GDP growth projection to 2 percent
1 year, 11 months ago

World Bank cuts Pakistan’s GDP growth projection to 2 percent

Al Jazeera  

Islamabad, Pakistan – Predicting a difficult year ahead for Pakistan, the World Bank has revised the country’s growth projections from 4 percent in June last year to 2 percent for the current fiscal year, citing “precarious economic situation, low foreign exchange reserves and large fiscal and current account deficits” among the primary reasons. The bank, in its Global Economic Prospects …

Pakistan registers record inflation, struggles with high prices
1 year, 11 months ago

Pakistan registers record inflation, struggles with high prices

Firstpost  

Islamabad: The annual inflation of Pakistan measured by the Consumer Price Index was recorded at an unusually high level of 24.5 per cent in December 2022. According to data shared by the Pakistan Bureau of Statistics, inflation in Pakistan rose 0.5 per cent on a month-on-month basis during December 2022, compared to a 0.76 per cent increase in November last …

Pakistani finance minister estimates 'close to three years' for recovery from devastating floods
2 years, 2 months ago

Pakistani finance minister estimates 'close to three years' for recovery from devastating floods

Firstpost  

Ishaq Dar said that losses from the floods were estimated to surpass $32 billion and that the cost of rebuilding damaged infrastructure will exceed $16 billion Washington: Pakistan’s new finance minister estimated that it could take “close to three years’’ for the south Asian country to recover from devastating floods that killed more than 1,700 people and displaced another 7.9 …

Pakistan inflation hits 47-year high before full impact of flood
2 years, 3 months ago

Pakistan inflation hits 47-year high before full impact of flood

Hindustan Times  

Pakistan’s inflation accelerated for a sixth straight month to hit a fresh record in August, with the deadly floods risk jolting prices further. The inflation print comes as Pakistan faces a looming food crisis after the catastrophic flooding. The inflation print comes as the nation faces a looming food crisis after the catastrophic flooding in the latter part of August …

IMF revives $6BN bailout for Pakistan’s economy
3 years, 1 month ago

IMF revives $6BN bailout for Pakistan’s economy

Al Jazeera  

Pakistan and the International Monetary Fund reached a deal after several months of talks to relax the package’s terms and conditions. The International Monetary Fund said on Monday it had agreed with Pakistan on measures needed to revive a stalled $6bn funding programme for the South Asian country, which faces growing economic challenges. “The Pakistani authorities and IMF staff have …

Almost half of Pakistanis blame Imran Khan govt for inflation: Survey
4 years, 1 month ago

Almost half of Pakistanis blame Imran Khan govt for inflation: Survey

Hindustan Times  

At least 49 per cent of Pakistani people believe that Prime Minister Imran Khan-led government is responsible for inflation in the country, reported Geo News. Geo News reported that only 15 per cent of the respondents said they blamed previous governments for it, a narrative the PTI and Prime Minister Imran Khan have been attempting to establish since day one …

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