Pakistan’s annual inflation surged to 38.9% in June from 29.6% in May, the highest reading in thirteen years. A surge in global commodity prices, a depreciating currency, and a rising import bill has contributed to the country’s inflation. Last month, Pakistan’s government raised domestic fuel prices by up to 92% in a month to meet the IMF’s requirements. The country’s central bank raised its benchmark interest rate by 400bps since the beginning of the year to curb inflation.