Tuesday, August 11, 2020
News

Pakistan's inflation rises to 8-year-high in FY20

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Islamabad | Thursday, 2020 3:15:05 PM IST
Pakistan's inflation rose to an eight-year-high inflation rate of 10.74 per cent in FY20 (July 2019-June 2020) due to multiple factors, according to official figures.

Surge in the consumer price index (CPI) was witnessed by monitoring the prices of different commodities and services including cost of education, house rent, utility bills and food and beverages, Xinhua news agency quoted the Pakistan Bureau of Statistics (PBS) as saying.

Inflation remained in an upward trajectory since the beginning of FY20 as the government had to hike prices of many things including gas and electricity tariffs to meet the demands of the International Monetary Fund to win a bailout package for meeting budget deficit.

The country's currency also saw about 25 per cent devaluation in FY20, making the inflation even worse.

Last month, the State Bank of Pakistan said in a report that Pakistan witnessed highest inflation in many years.

According to the report, the inflation rate in January reached 14.6 per cent, but later the decrease in petroleum prices and cut in interest rate by the bank, following the COVID-19 outbreak, has lowered the inflation.

Earlier in FY12, the inflation in the country was at 11.0 per cent due to multiple factors including a sharp spike in global commodity prices which exerted strong upward pressure on domestic prices, and excessive public sector borrowing.

--IANS ksk/

( 236 Words)

2020-07-02-09:09:48 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE ASIA NEWS
B'desh Prez, PM extend Janmashtami greet...
RAB raid at ex-Home Minister's hospital ...
64 dead in Pakistan due to heavy rains...
'Set up a commission to probe ex-B'desh ...
India dismisses controversy over Buddha'...
Sri Lanka re-opens schools...
More...
 
INDIA WORLD ASIA
Harsh Vardhan addresses webinar on creat...
Compromise solution: Milind Deora recall...
Degrees won't be recognised if no exams ...
Defence infra of PSUs, OFB to be moderni...
Money-makers up for sale, Centre follows...
Reinsurer approves Air India Express' hu...
More...    
 
 Top Stories
Centre may allow cooperative banks ... 
Inclined to hold G7 post elections,... 
Govt constructs auditorium for peop... 
Global COVID-19 count surpasses 20 ... 
Telangana: Seven burglars of two di... 
Police arrest 100 people during ove... 
Jagan Reddy's policies causing 'all... 
Delhi: Medical student jumps from A...