Pakistan's economic woes worsen as inflation hits 28.5 per cent

Amidst an ongoing economic crisis, Pakistan’s caretaker government has revised its inflation projection, anticipating a staggering 28.5% inflation rate for January.

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The revised estimate, a 3.5% increase from the previous month, reflects persistent challenges in the form of food supply shocks, as reported by The Express Tribune.

This revision follows the recent adjustment by the central bank, which raised its inflation forecast, tempering earlier optimism about a sharp decline in inflation in the second half of the fiscal year. The State Bank of Pakistan attributes the failure to achieve inflation targets to frequent adjustments in administered energy prices, impacting the near-term outlook.