Pakistan Inflation Accelerates to Fastest in 25 Years
Pakistan's inflation accelerated at the fastest pace in at least 25 years in April because of surging food and fuel prices, straining a six-week-old coalition government already on the brink of collapse.
Consumer prices jumped 17.21 percent from a year earlier after gaining 14.1 percent in March, the Federal Bureau of Statistics said in a statement in Islamabad.
Consumer prices jumped 17.21 percent from a year earlier after gaining 14.1 percent in March, the Federal Bureau of Statistics said in a statement in Islamabad.
Oil at more than $125 a barrel and lower wheat output are straining state finances as food and fuel are subsidized in the nation of 160 million people.
Food prices in April rose 25.5 percent from a year earlier and fuel climbed 8.6 percent, according to the data. Inflation is the highest since at least June 1983, according to JS Capital. The statistics bureau doesn't have data preceding the year 2000.
Stocks, Currency
Pakistan's key stock index rose 0.4 percent to 14,286.61 after falling 4.9 percent last week, the biggest weekly decline in almost nine months. The rupee rose 1 percent against the dollar to 69, after losing 6.8 percent last week, the most since 1998. Inflation data was released after markets closed.
Almost half the population of Pakistan, the world's seventh- most-populous nation, faces difficulty gaining access to affordable food because of the soaring cost of cereals, a World Food Program spokesman Paul Risley said on April 23.
Pakistan's key stock index rose 0.4 percent to 14,286.61 after falling 4.9 percent last week, the biggest weekly decline in almost nine months. The rupee rose 1 percent against the dollar to 69, after losing 6.8 percent last week, the most since 1998. Inflation data was released after markets closed.
Almost half the population of Pakistan, the world's seventh- most-populous nation, faces difficulty gaining access to affordable food because of the soaring cost of cereals, a World Food Program spokesman Paul Risley said on April 23.
Oil Bill
Pakistan, which imports about 85 percent of the oil it uses, increased prices of gasoline for the first time in more than 22 months on Feb. 29 after record crude prices increased import costs for the nation's refiners.
Pakistan, which imports about 85 percent of the oil it uses, increased prices of gasoline for the first time in more than 22 months on Feb. 29 after record crude prices increased import costs for the nation's refiners.
China, India
Rising commodity prices are also stoking inflation in neighboring India and China. Prices in China accelerated to near the fastest in more than 11 years, the government said today, while inflation in India is at a 3 1/2 year high.
Pakistan's consumer prices may jump as much as 9 percent in this fiscal year ending June 30, exceeding the target of 6.5 percent, the central bank estimates. Annual inflation may reach 12.5 percent.
Rising commodity prices are also stoking inflation in neighboring India and China. Prices in China accelerated to near the fastest in more than 11 years, the government said today, while inflation in India is at a 3 1/2 year high.
Pakistan's consumer prices may jump as much as 9 percent in this fiscal year ending June 30, exceeding the target of 6.5 percent, the central bank estimates. Annual inflation may reach 12.5 percent.
No comments:
Post a Comment