Pakistan's inflation at 31.4%: Cylinder costs PKR 3,079, 3-inch sandwich on menu
Pakistan Economy: Pakistan's ministry of finance said in its monthly report that it anticipated inflation remaining high in the coming month.
Pakistan's inflation rate rose to 31.4% year-on-year in September from 27.4% in August, statistics bureau data showed amid high fuel and energy prices in the country which has embarked on a path to economic recovery under a caretaker government after a $3 billion loan programme approved by the International Monetary Fund in July. On a month-on-month basis, inflation climbed 2% in September, compared to an increase of 1.7% in August, the data showed.
Reforms required by the IMF bailout have already fuelled annual inflation which rose to a record 38.0% in May and interest rates have also risen to their highest at 22% while the rupee hit all-time lows in August before recovering in September.
Pakistan's ministry of finance said in its monthly report that it anticipated inflation remaining high in the coming month- at around 29-31%. Inflation was, however, expected to ease, especially from the second half of the current fiscal year that starts on January 1.
This comes as Pakistan cut petrol and diesel prices from a record high after two consecutive hikes. Pakistan’s Oil and Gas Regulatory Authority (OGRA) increased the prices of liquefied petroleum gas (LPG) by ₹20.86 per kg after which the LGP price is fixed at PKR 260.98 per kg. Moreover, the domestic cylinder price was hiked by PKR 246.15 and setting its new rates to PKR 3,079.64.
As Pakistan's economic condition worsens along with rising political tensions in the run-up to a national elections, Subway launched a three-inch sandwich in the country, the first time the fast-food chain has launched a mini version globally.
The bite-size sandwich appears on Pakistani menus and social media post and provides “value” to Pakistani customers, a spokesperson for Subway told Bloomberg News. The U.S.-based chain’s main offerings are six-inch and 12-inch sandwiches.