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inflation

October inflation at four-year high on gas price hike, rupee fall

ISLAMABAD: Annual inflation rate jumped to 7 percent in the month of October, the highest in four years, from 5.12 percent a month earlier, due to a steep rise in gas prices and multiple devaluations of the rupee. On a month-on-month basis, prices spiked 2.56 percent in October, according to data released by the Bureau of Statistics on Friday. Prices fell 0.06 percent in September on the same basis. The annual inflation rate is the highest since September 2014, when it had hit 7.68 percent. The surge in inflation…

National Price Monitoring Committee reviews mechanism to ensure price stability

ISLAMABAD: The National Price Monitoring Committee on Wednesday stressed upon the provincial governments to ensure strict price monitoring and remain vigilant that no supply disruption of commodities in the markets takes place. The meeting of the committee was held here under the chairmanship of Special Secretary Finance Noor Ahmed at the Finance Division. The chairman informed the forum that there is a lot of flux that characterizes the world economy at present, emerging markets are facing uncertainty, their…

IMF predicted inflation rate to strike at 14% by June 2019

ISLAMABAD: The International Monetary Fund (IMF) has predicted that the standard inflation rate in Pakistan may strike to 14% by June 2019, such inflation rate will lead to higher interest rates to almost 15% which will affect the economy significantly. It is observed that such elevated stage of inflation can effect Prime Minister Imran Khan’s most determined flagship programme of constructing five-million low-cost housing units.  To complete such planning banks lend money over and above the policy rate, which will…

Saeed Ghani lambasts centre for inflation, mismanagement at FO

KARACCHI: Sindh Minister for Local Government Saeed Ghani on Tuesday took a dig at the federal government for increase in commodity prices and mismanagement at the Foreign Office, ARY News reported. "In 'Naya Pakistan', when prices on different products go high it is termed that it is being done to provide facilities to the masses," he said while talking to media.  While, the LG minister said, in 'old Pakistan' if prices on gas, urea, electricity were raised, it was completely wrong because it would affect common…

Turkey boosts lira as central bank surprises markets with big rate hike

ANKARA: Turkey's central bank surprised markets on Thursday with a bigger than expected rate hike to battle soaring inflation and boost the lira, prompting the embattled currency to surge in value. Turkey has in recent weeks been battling through one of the most troubled periods for its economy under the rule of President Recep Tayyip Erdogan, with the lira battered on currency markets in August. The central bank hiked the one week repo auction rate 625 basis points from 17.75 percent to 24 percent, significantly higher…

US labor market tightening; inflation steadily rising

WASHINGTON: The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market weather ongoing trade tensions between the United States and a host of other countries. Other data on Thursday showed a solid increase in underlying producer prices in July. Labor market strength and rising inflation likely keep the Federal Reserve on track to raise interest rates in September for the third time this year. “Trade war tensions in the clouds out…

IMF says India will need to tighten monetary policy to counter inflation

NEW DELHI: India's central bank will need to gradually tighten monetary policy further due to rising inflation, driven mainly driven by higher oil prices and a falling rupee, the International Monetary Fund (IMF) said on Wednesday. The Reserve Bank of India raised the repo rate INREPO=ECI for the second straight meeting last week by 25 basis points to 6.5 percent while warning about the inflationary pressures. The average inflation is likely to rise to 5.2 percent in 2018/19 from a 17-year low of 3.6 percent in the…

Warning about inflation, Imran says currency depriciation to directly affect masses

MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses. "The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities," he said while addressing a public gathering in Mianwali, his hometown. He said the biggest problem facing Pakistan was surge in debts.  Comparing…

Warning about inflation, Imran says currency depreciation to directly affect masses

MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses. "The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities," he said while addressing a public gathering in Mianwali, his hometown. He said the biggest problem facing Pakistan was surge in debts.  Comparing prices of…