Pakistan’s Inflation Rate to Rise to Up To 9.3% in FY21: Ministry of Finance

Pakistan’s Ministry of Finance (MoF) has revealed that the country’s inflation rate for the new financial year 2020-21 (FY21) could increase to 9.3%, up from the target 8.2% as a result of the COVID-19 pandemic and ensuing economic uncertainty, according to local media reports.

Inflation for the current fiscal year is expected to remain between 7.6% to 9.3%, with a 1% increase in interest rates by the State Bank of Pakistan leading to a rise in price by around 0.4%.

According to the MoF’s Economic Outlook for July 2020, three major international financial bodies including the International Monetary Fund, World Bank and Asian Development Bank, have assessed that Paki...