PAKISTAN PROTEST INFLATION

Protest against inflation and rising fuel prices in Hyderabad

epa10781431 People hold banners and placards reading in Urdu 'Let the people live' after a rise in petroleum prices during a protest against inflation in Hyderabad, Pakistan, 02 August 2023. Pakistan recently announced a significant increase in petrol and diesel prices to meet fiscal objectives outlined in a deal with the International Monetary Fund (IMF). Petrol prices rose by 19.95 Pakistani rupees to 272.95 rupees per litre, while diesel prices increased by 19.90 rupees to 273.40 rupees per litre, a 7.8 percent increase for both fuels. This comes as the country grapples with sky-high inflation, with the Consumer Price Index rising to 28.3 percent in July year-on-year. The increase in fuel prices has further fueled inflation, which has been on the rise in recent months. The IMF's standby agreement with Pakistan, finalized in June, calls for a tight monetary policy, with the central bank keeping the policy rate steady at 22 percent. EPA/NADEEM KHAWAR

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