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Pakistan continues to witness an upward swing in consumer prices as inflation rose to 11.5 per cent from 9.2 per cent, the highest spike in the last 20 months.
Inflation measured by the Consumer Price Index (CPI) increase to its highest level in 20 months--the period when global oil prices kept rising steadily undermining earlier gains., Dawn reported. 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 percent 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. In 2020-21, annual CPI inflation was recorded at 8.90 percent against 10.74 percent the preceding year. 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. (ANI)
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