Pakistan witness Sky rocketing prices of food in September.

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ISLAMABAD: 30 Sep 2023: The finance ministry predicted inflation would rise by 3–4 percentage points to 31% in September from 27.4% the month before, primarily due to a sharp spike in fuel prices.

In its monthly economic update & outlook for September, the Economic Advisors' Wing of the Ministry of Finance stated that although the double-digit base effect in September was projected to cause inflation to decline, the considerable increase in fuel costs negated it.

The increase in energy prices is also projected to increase inflationary pressures in the upcoming months because these price increases are anticipated to have a greater impact on transportation costs, basic necessities, and services, the report added.Inflation is anticipated to stay within the range of 29pc to 31pc in September.

Inflation has declined to 27.3pc in August, down from peak levels of 38pc in May. The State Bank of Pakistan forecasts inflation to decline sharply in 2024 due to the improved agricultural output, and administrative measures taken to curb volatility in the foreign exchange markets.

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