Inflation in Pakistan stands at 21.3%, highest in 13 years

ISLAMABAD: Inflation in Pakistan increased to 21.3% in June, the highest since December 2008 when inflation was at 23.3%.
In May, it was 13.7%, as measured by the country’s Consumer Price Index. According to the Pakistan Bureau of Statistics, inflation has increased by 19.8% in urban areas and 23.5% in rural areas.
The government led by Shehbaz Sharif of Pakistan has raised prices of all petroleum products by around Rs 14-19 per liter with immediate effect from Friday to fulfill commitments with IMF for the revival of the $6 billion bailout.
According to the announcement of the finance ministry, the government imposes a tax of Rs 10 (Pakistani Rupees) per liter of petrol for petrol and Rs 5 of each for high-speed diesel (HSD), Petroleum and light diesel (LDO). Gasoline price currently stands at Rs 248.7 per liter, HSD at Rs 276.5, kerosene at Rs 230.2, and I AGREE at Rs 226.1. The government has raised gasoline prices since May 15 under the agreement of the IMF. Since May 26, the prices of HSD, kerosene and LDO petrol have increased by 66% (or Rs 99), 92% (132.39), 95% (Rs 111.95) and 80% (Rs 100.59). ). The government has also given assurances to the IMF that it will gradually increase the petrol tax on all products by Rs 5 per liter per month to a maximum of Rs 50 per liter, and the price of liquefied petroleum gas (LPG) ) will gradually increase to Rs 30,000/ton from the current level of Rs 4,670/ton.
In another setback, the National Information Technology Commission said, “Telecom operators have warned of the closure of mobile and internet services due to power outages for hours.” Sharif said on Friday that it was a “very difficult challenge” for the government to control the offloading and had brought down the government led by Imran Khan earlier for failing to secure cheap gas.

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