As a result of the continuing rise in the cost of energy and petroleum goods, inflation is predicted to stay high in the ensuing months.
The Ministry of Finance has released its monthly economic update outlook predicting inflation to remain high in the coming months.
The report stated that the inflation is likely to be between 29 and 31 percent in September 2023, while the increase in the prices of petroleum products and electricity has been cited as the main reason for inflation.
The report further stated that there is a chance of exorbitant transportation costs, the lack of facilities and basic commodities in the services sector, and that the drop in the value of the dollar has lowered imported inflation.
According to the finance ministry, tough measures have been taken against illicit currency exchange merchants and hoarders, whereas, the exchange rate is being stabilised.
The report further added that there is a downward trend in food grain prices globally, with rice and sugar prices rising due to the Russia-Ukraine war.
