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Inflation in Pakistan at near 30-year high

ISLAMABAD, Pakistan, Nov. 11 (UPI) -- October inflation in Pakistan soared to nearly 25 percent from 9.31 percent in October of last year, further aggravating the country's current economic crisis.

Data supplied by the Federal Bureau of Statistics said the October jump in consumer prices was largely brought on by a 31.7 percent surge in food prices and a hike of over 39 percent in transportation costs, Dawn reported.

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The latest developments come as the Pakistani government is involved in securing a financial bailout from the International Monetary Fund so it can meet its immediate debt obligations.

The government's inflation projection for all of this year is 12 percent, the report said. The IMF, however, expects it to average 23 percent.

Inflationary pressures may force Pakistan's central bank to raise interest rates to meet IMF conditions for the bailout package.

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