Reports from the Pakistan Bureau of Statistics suggest that inflation in Pakistan has reached 28.3 percent, which is an increase of more than three percent. After the inflation crossed the 28 per cent mark, the finance ministry of Pakistan predicted the inflation to remain between 25-27 percent for August.
On Tuesday, the price of petrol was hiked by 19.90 Pakistani Rupees(PKR) to 273.40 PKR, until the next fortnightly review. The price of fresh vegetables increased by 37.64 per cent and that of tomatoes and potatoes increased by 33.45 per cent and 8.16 percent respectively. The announcements were made by Finance Minister Ishaq Dar in a press conference.
During the press conference, the finance minister of Pakistan, Ishaq Dar said that the hike in fuel prices was unavoidable and in line with the commitments made with the IMF. He also added that the decisions were taken after a discussion with Prime Minister Shehbaz Sharif.
The IMF has approved a $3 billion bailout to help Pakistan in battling strong inflation and depleting forex reserves. The country has been facing its worst economic crisis in decades. If the IMF would not have rescued Pakistan by approving the bailout, the country would have defaulted on its payments.
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