Pakistan sees inflation reaching new high in April
Pakistan said inflation in April may accelerate to a record after increases in food and energy prices and a depreciation in the currency.
Price gains may be in a range of 36%-38% year-on-year, from 34.8 percent in March, the finance ministry said in its monthly Economic Update and Outlook. A slow recovery in damages from last year's floods has led to shortages of essential crops in the domestic market and exacerbated price pressures, it said.
Another rate increase is possible given the ongoing inflationary pressures and the lack of an International Monetary Fund (IMF) programme. Another early MPC meeting may be considered by the SBP, it was said.
Inflation measured by the Consumer Price Index (CPI) was 35.4 percent on an annual basis in March 2023, up from a rise of 31.5 percent the month before and 12.7 percent in March 2022.
In a memorandum from July 1965, Arif Habib Limited (AHL) said, 'This is the largest year-over-year inflation since the available statistics, i.e., since that month.
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