Pakistan sees inflation at 18.5%-19.5% in April, easing in May

Inflation in Pakistan is expected to hover between 18.5% and 19.5% in April and ease in May to 17.5%-18.5%, the finance ministry said on Tuesday, aiming for a target range of 5%-7% by September next year.

A dark street in a commercial area in Lahore, Pakistan.(Bloomberg)

Gross domestic product growth for the second quarter of the fiscal year ending in June is estimated at 1% and expected to improve in the second half of the fiscal year, it said in its monthly report.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

Pakistan's central bank kept its key interest rate unchanged at 22% for the seventh straight policy meeting on Monday, hours before the International Monetary Fund executive board approved $1.1 billion in funding for Pakistan under a $3 billion standby arrangement signed last year.

Read more: IndiGo's new appointment brings focus back to expat vs Indian leadership debate in aviation

The bank's monetary policy committee said in a statement that it was "prudent" to continue with its monetary policy stance at this stage to bring inflation down to the target range.

It expects inflation to remain on a downward trajectory, but said that recent oil price volatility posed a risk. Consumers' inflation expectations also edged up in April.

Pakistan's consumer price index (CPI) for March was up 20.7% from the same month last year, the lowest reading in nearly two years and below the finance ministry's projections for the month.

Discover the pivotal moments that shaped India's electoral journey on the Eras section of our exclusive Elections product. Access all content absolutely free on the HT App. Download now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs