The country’s headline inflation maintains its hold at 27.4% year-on-year in August, as per official data, as a tumbling rupee and soaring bills blamed on an IMF bailout package hampered government efforts to rein in prices.
Since a deal with the International Monetary Fund was signed, the rupee has crossed the historic threshold of 300 to the US dollar, whilst Islamabad has hiked petrol and electricity costs, sowing widespread discontent.
Prices rose 1.7% month-on-month in August, according to government statistics released on Friday, and the year-on-year figure of 27.4% was only one point shy of July’s, signalling little relief.
In August, motor fuel cost 8% more than July, whilst water bills in urban areas rose more than 11% and the price of tomatoes was up as much as 82%.
Retailers have said they will keep shops shuttered on Saturday in protest over the soaring costs which have become a lightning rod for public anger ahead of forthcoming general elections.
