Inflation remains elevated at 23.41pc

The government announced on Monday that the annual inflation for 2023-24 exceeded its budgetary target, reaching a staggering 23.41 per cent owing to an increase in electricity, gas, and essential kitchen items. The projected target was 21pc for the outgoing fiscal year. According to data released by the Pakistan Bureau of Statistics on Monday, the average monthly inflation fluctuated over the year. The headline consumer inflation was 28.3pc in July 2023, peaked at 31.4pc in September, and then started to decline in January. It reached its lowest level of 11.8pc in May but reversed upward to 12.6pc in June. According to the finance ministry, the coordinated policies, lower global commodity prices, improved food supply and the high base effect have contributed to this favourable outcome of decline in the past few months.