Daily Times

According to the statistics bureau, Pakistan’s annual consumer price inflation rose to 24.9pc in July from 21.3pc in June, the highest level in 14 years. It said that non-food goods, particularly gasoline and power costs, were the main cause of the increase and noted that rising prices for wheat flour, milk, vegetables, pulses, and cooking oil were also significant factors. Inflation increased by 4.3pc month over month in July, according to the statistics. The rupee has historically depreciated against the US dollar, Pakistan’s foreign reserves are rapidly running out, and inflation is out of control. The central bank and finance ministry stated in a joint statement that enough measures have been put in place to manage the current account deficit due to the drop in energy imports and the mild decline in non-energy imports. It was released on Sunday night, only hours after the government reported that imports had decreased by a third in July.