Inflation Surge in Pakistan: Unveiling the Economic Dynamics of 2024 In December, the economic landscape of Pakistan witnessed a headline inflation surge to 29.7% year-on-year, marking a notable ascent from the previous month's 29.2%. This uptick can be primarily attributed to the relentless climb in prices of indispensable kitchen essentials and electricity rates. Notably, power rates soared by 15.76%, LPG experienced a 2.62% increase, and the unprecedented 520% spike in gas prices in November played a pivotal role in contributing to the overall inflation. Even everyday vegetables like tomatoes, onions, and potatoes did not escape this inflationary pressure, experiencing notable price hikes. The initial half of Financial Year 2024 saw inflation at 28.79%, surpassing the government's initial projection of 21%. Looking ahead, the International Monetary Fund (IMF) anticipates a more moderate average inflation rate of 25.9% for Financial Year 2024, marking a substantial relief com