Pakistan: Inflation hits 11.5 pc, highest in 20 months
Soaring inflation and consequent increase in prices of fresh vegetables, fruits and meat in Pakistan have made life very tough for the ordinary citizen.
The inflation in Pakistan has risen to 11.5 per cent from 9.2 per cent. This is the highest spike in Consumer Price Index (CPI) during the last 20 months.
At the same time, prices of fresh vegetables, fruits and meat have also posted a persistent increase in major urban and rural centres.
The average inflation during the July-November period rose to 9.32pc on a yearly basis.
Inflation had started declining after surging to 12.4 per cent in February 2020, mainly driven by a drop in prices of agricultural products.
The trend is reversing now on the back of a rise in the prices of petroleum products.
Currently, the government aims to increase agriculture productivity for food security and self-sufficiency to counter food inflation by offering Agri-loans.
Pakistan had been in talks with the IMF for several months to seek relaxation in the terms and conditions of the package. Its government bonds jumped between 1.3 and 2.8 cents on the United States dollar on the news of an agreement and were on course for their best day in over a year.
(With ANI inputs)