Full impact of floods has yet to be felt

Pakistan: Inflation hit 27.3% in August

Pakistan’s inflation has accelerated for the sixth month straight, reaching a new record in August. Now, the deadly floods risk jolting prices further. Consumer prices rose 27.26% last month from a year earlier, according to data released by the government.

That compares with a median estimate for a 26.6% rise and a 24.93% jump in July. Pakistan’s inflation is the highest since May 1975.

The inflation comes as the nation faces a looming food crisis after the catastrophic flooding in the latter part of August that would require more imports, adding pressure to its fragile finances. Rice and cotton crops were damaged along with vegetables like onions and tomatoes.

Source: bnnbloomberg.ca

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