According to data from the Pakistan Bureau of Statistics (PBS), annual inflation was at 29.2 per cent in November, a slight increase from October but lower than the peak of 38pc in May. The country is working towards economic recovery under the caretaker government following a $3 billion loan program approved by the IMF in July. This program includes measures such as revising the budget, increasing policy rates, and raising electricity and natural gas prices and taxes. A 280pc increase in gas prices in November led to a higher Consumer Price Index (CPI) headline, but it is expected to decline on a year-on-year basis. Former finance ministers expressed concern about the economic situation, with one blaming higher gas prices for the increase in monthly inflation. Pakistan recently reached a staff-level agreement with the IMF for the first review of the bailout, which will unlock $700 million in funding. The bailout also required Pakistan to raise $1.34 billion in new taxation to meet fiscal adjustments, leading to the highest inflation rate in Asia at 38pc year-on-year in May.