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Pak finance ministry sees inflation at 18.5%-19.5% in April, easing in May

Gross domestic product growth for the second quarter of the fiscal year ending in June is estimated at 1% and expected to improve in the second half of the fiscal year, it said in its monthly report

inflation market
Reuters
2 min read Last Updated : Apr 30 2024 | 4:18 PM IST
Inflation in Pakistan is expected to hover between 18.5% and 19.5% in April and ease in May to 17.5%-18.5%, the finance ministry said on Tuesday, aiming for a target range of 5%-7% by September next year.
 
Gross domestic product growth for the second quarter of the fiscal year ending in June is estimated at 1% and expected to improve in the second half of the fiscal year, it said in its monthly report.
 
Pakistan's central bank kept its key interest rate unchanged at 22% for the seventh straight policy meeting on Monday, hours before the International Monetary Fund executive board approved $1.1 billion in funding for Pakistan under a $3 billion standby arrangment signed last year.

The bank's monetary policy committee said in a statement that it was "prudent" to continue with its monetary policy stance at this stage to bring inflation down to the target range.
 
It expects inflation to remain on a downward trajectory, but said that recent oil price volatility posed a risk.

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Consumers' inflation expectations also edged up in April.
 
Pakistan's consumer price index (CPI) for March was up 20.7% from the same month last year, the lowest reading in nearly two years and below the finance ministry's projections for the month.
 

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Topics :InflationPakistan IMFPakistan Stock ExchangeGDP

First Published: Apr 30 2024 | 4:18 PM IST

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