August 1, 2018 / 11:34 AM / 9 months ago

Pakistan inflation rate rises to 5.83 percent in July

Men sell vegetables at their makeshift stalls at the Empress Market in Karachi, Pakistan April 2, 2018. REUTERS/Akhtar Soomro

ISLAMABAD (Reuters) - Pakistan’s annual inflation rate increased to 5.83 percent in July from 5.21 percent a month earlier, the state Bureau of Statistics said on Wednesday, surging to its highest level since September 2014.

Rising petrol prices and four devaluations of the rupee since December were the main reason for the multi-year inflation high, the bureau said.

On a month-on-month basis, the inflation rate stood at 0.94 percent in July.

Food items such as tomatoes, potatoes and onions, as well as air and bus fares, were the main reason behind the increase in month-on-month prices.

Reporting by Saad Sayeed; writing by Drazen Jorgic

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