CPI based inflation rate jumped to 31.4% year-on-year, People are living hand to mouth.

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Hyderabad: 2 October 2023: Pakistan's Consumer Price Index (CPI) based inflation rate jumped to 31.4% year-on-year, rising from 27.4% in August, data from the Pakistan Bureau of Statistics (PBS) showed on Monday, amid skyrocketing energy costs.

Inflation rose for the first time in four months after the government raised fuel prices to meet the International Monetary Fund’s (IMF) conditions for an ongoing $3 billion bailout programme.

The country is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme approved by the IMF in July averted a sovereign debt default, but with conditions that complicated efforts to rein in inflation.

On a month-on-month basis, inflation climbed 2% for September, compared to an increase of 1.7% in August.

Inflation during the first quarter of the current fiscal year averaged 29%.

Quarterly average inflation for 1QFY24 hit 29.04% compared to 25.11% in 1QFY23.

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