Pakistan’s inflation rate drops by 9%
KARACHI, Pakistan (AA): Pakistan’s annual inflation dropped to 29% in June, a nearly 9% month-on-month decline, the national data collection agency has stated.
The Consumer Price Index (SPI) shot up to 38% in May, the highest level in decades, due to supply shocks and currency depreciation.
According to the Pakistan Bureau of Statistics, the annual inflation rate stood at 29.4% in June, 8.6% lower than in May.
In a related development, the Pakistan stock market rose more than 2,000 points on Monday, following a crucial agreement with the International Monetary Fund (IMF) last week.
In a tweet, Finance Minister Ishaq Dar stated that the Pakistan Stock Exchange’s KSE100 index increased by 2,334 points.
Pakistan and the IMF last week reached a $3 billion stand-by arrangement, a long-awaited development to keep the country’s economy afloat.
The deal, which is subject to IMF board approval, will help shore up the South Asian country’s depleting foreign reserves and contain a mounting balance of payments crisis.
The $3 billion funding is higher than the remaining $2.5 billion from a $6.5 billion bailout package agreed in 2019, which expired on Friday.
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