Business

Inflation hits three-month high

Express May 12, 2010

ISLAMABAD: Inflation has accelerated to a three-month high, reducing room for the State Bank of Pakistan to cut interest rates in its review this month.

According to Federal Bureau of Statistics, consumer prices rose 13.26 per cent from a year earlier after climbing 12.9 per cent in March.

State Bank Governor Syed Salim Raza indicated in February that he would wait for inflation to drop 10 per cent before moving to cut interest rates.

The State Bank of Pakistan is scheduled to review the key interest rate in the last week of this month.

COMMENTS (1)

Meekal Ahmed | 14 years ago | Reply I see no scope for cutting the central bank's policy rate. If we don't reach an inflection point in the inflation curve soon, the policy interest rate may have to go up which would hurt growth. The fiscal side has also to play a role in subduing inflationary pressures. The fiscal stance in the next budget will be crucial.

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