Pakistan Inflation: In its monthly report, Pakistan’s ministry of finance expected that inflation will continue to be high in the coming month.
According to statistics bureau data, Pakistan’s inflation rate increased to 31.4% year over year in September from 27.4% in August due to high fuel and energy prices in a nation that has started its path to economic recovery under a caretaker government after the International Monetary Fund approved a $3 billion loan programme in July. According to the figures, monthly inflation increased by 2% in September as opposed to 1.7% in August.
The IMF bailout’s mandated reforms have already fueled annual inflation, which reached a record 38.0% in May. Interest rates have also increased to their highest level ever (22%), and the rupee touched record lows in August before rebounding in September.
Inflation will continue high in next month
In its monthly report, Pakistan’s ministry of finance predicted that inflation will continue high in the next month, hovering between 29 and 31%. However, it was anticipated that inflation will decline, particularly beginning with the second half of the current fiscal year, which begins on January 1.
This occurs as Pakistan lowers the cost of petrol and diesel following two increases in a row that reached a record high. Liquid petroleum gas (LPG) prices in Pakistan were raised by PKR 20.86 per kg by the Oil and Gas Regulatory Authority (OGRA), after which the price of LGP was set at PKR 260.98 per kg. The residential cylinder price was also increased by PKR 246.15, bringing the new cost to PKR 3,079.64.
Subway introduced a three-inch sandwich
Subway introduced a three-inch sandwich in Pakistan, the first country where the fast-food brand has introduced a small version, as the country’s economic situation deteriorates and political tensions rise ahead of national elections.
According to a Subway spokesperson who talked with Bloomberg News, the mini sandwich can be found on Pakistani menus and social media posts and offers “value” to Pakistani customers. The six-inch and 12-inch sandwiches are the chain’s two primary menu items.