Pakistan observes increase in inflation rate reaching up to 9 per cent for the month of September.
According to the statistics provided by Pakistan Bureau of Statistics (PBS), Pakistan’s inflation rate increased from 8.2 per cent for August to 9 per cent for the month of September.
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The inflation rates are calculated by measuring various factors including cost of education, house rent, utility bills, prices of food and beverages and 480 goods and services.
Furthermore, the rural inflation rate has increased up to 11.1 per cent, whereas urban inflation rate stands at 7.7 per cent.
As per the details, the increase in inflation rate is due to the increasing gap in supply and demand following the recent heavy monsoon spell that caused extensive damage to crops and agricultural sector.
It is pertinent to know that high inflation rates result in decreased public spending. Matters pertaining to inflation are addressed and regulated by State Bank of Pakistan.
The development comes as International Monetary Fund (IMF) programme for Pakistan has been suspended till December 2020 due to COVID-19 outbreak and resulting restrictions and measures in the country.
