Skip to content
Search

Latest Stories

Pakistan inflation rockets to record 37.97 per cent

Non-perishable foods and transport costs climbed more than 50 per cent over May last year

Pakistan inflation rockets to record 37.97 per cent

Pakistan's year-on-year inflation hit a record 37.97 per cent in May, official data revealed on Thursday (1), with the nation on the brink of economic collapse and crucial bailout talks stalled.

Non-perishable foods and transport costs climbed more than 50 per cent over May 2022, while average inflation for the past 12 months was 29.16 per cent, the latest Pakistan Bureau of Statistics data showed.

"This level of inflation badly affects poor and middle-class families of the country, whose income is evaporating with each percentage point," said Mohammad Sohail, a financier in Karachi.

Years of financial mismanagement have pushed Pakistan's economy to the limit, exacerbated by a global energy crisis and devastating floods that submerged a third of the country in 2022.

A political crisis has added another layer of uncertainty - with opposition leader Imran Khan's brief arrest last month sparking deadly street violence and a days-long state-ordered mobile internet blackout.

In the background, negotiations to unlock a crucial tranche of a $6.5 billion loan deal agreed with the International Monetary Fund have been deadlocked for months.

Pakistan needs billions of dollars in financing to service staggering levels of external debt, and foreign exchange reserves have dwindled to just $4.2 billion, barely enough for a month of imports.

Elections are due no later than October, and the government has already bowed to IMF demands to end popular subsidies on gas and electricity which cushioned the cost-of-living crisis.

"Everyone is worried," said 42-year-old Muhammad Safeer in an Islamabad bazaar. "Where will we get the money from? Personal debt can only go up."

Prime Minister Shehbaz Sharif's government is due to present its annual budget next week, and the nation has already downgraded its growth forecast for the year ending June 30 from five per cent to 0.3 per cent.

(AFP)

More For You

Apple India Reroutes 97% of iPhones to US Amid Tariff Push

Apple iPhones are seen inside India's first Apple retail store in Mumbai, India, April 17, 2023.

REUTERS

Foxconn sends 97 per cent of India iPhone exports to US amid tariff push

NEARLY all iPhones exported by Foxconn from India between March and May were shipped to the United States, according to customs data reviewed by Reuters.

The data showed that 97 per cent of Foxconn’s iPhone exports during this period went to the US, significantly higher than the 2024 average of 50.3 per cent.

Keep ReadingShow less
Weaker labour market data sparks debate on rate cuts

The Bank of England is weighing inflation signals ahead of rate call

Weaker labour market data sparks debate on rate cuts

PAY growth in Britain slowed sharply and unemployment rose to its highest level in nearly four years in the three months to April, official figures showed on Tuesday (10), potentially reducing the Bank of England’s (BoE) caution over further interest rate cuts.

Wage growth excluding bonuses slowed to 5.2 per cent, the weakest pace since the three months to September, and fell more than expected from 5.5 per cent in January to March this year.

Keep ReadingShow less
London Tech Week: Indian firms show investment intent

Keir Starmer at London Tech Week in London on Monday (9)

London Tech Week: Indian firms show investment intent

MORE THAN 350 technology companies from India joined London Tech Week, which began on Monday – making it the largest-ever delegation from the country to attend the event.

London mayor Sadiq Khan’s office, City Hall, described the rise in Indian participation as a reflection of deepening ties between India and London’s tech sectors, following the recent signing of the India– UK Free Trade Agreement (FTA).

Keep ReadingShow less
London Tech Week

The discussion around inclusivity and parenthood is likely to remain in the spotlight.

Getty Images

London Tech Week: Woman entrepreneur says she was humiliated after being denied entry for bringing baby

A female entrepreneur has said she felt “absolutely humiliated” after being denied entry to London Tech Week because she was accompanied by her 18-month-old daughter.

Davina Schonle, founder and chief executive of AI start-up Humanvantage AI, had travelled from her home to attend the event at Olympia on Monday, 10 June. She said she had made a three-hour journey to London with her daughter, Isabella, only to be turned away on arrival because children were not allowed into the venue.

Keep ReadingShow less
Smartless Mobile launched by podcast trio

The move marks the first commercial spin-off from the Smartless podcast

Getty Images

Smartless podcast trio launches Smartless Mobile as low-cost phone service

The hosts of the popular Smartless podcast, actors Will Arnett, Jason Bateman and Sean Hayes, have launched a new mobile phone service in the United States. Called Smartless Mobile, the service offers a budget-friendly alternative to traditional phone plans and is aimed at users who spend most of their time connected to WiFi.

The move marks the first commercial spin-off from the Smartless podcast, which is known for its celebrity interviews and humorous tone. The new venture was announced in early June 2025 and has already begun accepting sign-ups across the US mainland and Puerto Rico.

Keep ReadingShow less