Pakistan’s March CPI inflation soars to 35.37%: Report | World news
Pakistan’s economy was accelerated by a record on higher taxes and energy prices, suggesting that further interest rate increases may be needed.
Consumer prices rose 35.37% from a year ago, according to data released by the Statistics Department on Saturday. That compares with the median estimate for a 34.8% gain in a Bloomberg survey and a 31.55% increase in February.
The latest publication could bolster the case for the State Bank of Pakistan to raise the target rate at a review scheduled for April 4, with all but one of the 14 economists surveyed so far expecting a ride
Also read | Pak inflation skyrockets to 47%, financial communications soar: Report
The central bank last month delivered a 300-basis-rate increase to 20% to offset skyrocketing costs caused by a weak currency, as well as tax and energy costs. aims to become the adoption of the International Trade Fund which is still in limbo.
The IMF has asked the South Asian country to seek commitments from Saudi Arabia and the United Arab Emirates before reviving the bailout.
Transportation costs rose 54.94% while fast food inflation jumped 47.15% in March from a year earlier, the data showed. Clothing and footwear prices rose 21.93% and housing, water and electricity prices rose 17.49%.
