Yearly inflation in May reaches record level of 37.97pc

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Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, the statistics bureau said on Thursday, showing a continued uptick in the highest ever inflation in the country , reported Reuters.

The reading is also higher than the finance ministry’s projection of 34-36pc for May, as stated in its monthly economic update and outlook, which said after hitting a peak this month, inflation would start descending owing to the ease in international commodity prices that would absorb the negative impact of currency depreciation.

Previously, the highest ever percentage of year-on-year inflation was recorded in April at 36.4pc.

The month-on-month rise in May was 1.58pc, the bureau said in a press release, adding vegetables, pulses and chicken prices posted the biggest increases.

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