Pakistan was on the brink of default this summer, before the International Monetary Fund agreed to a lifeline deal on condition that the government cut subsidies that had cushioned living costs.

Since then, the rupee has crossed a historic threshold of 300 to the dollar, whilst Islamabad has hiked petrol prices and electricity costs have spiked, sowing widespread discontent.

Prices rose 1.7% month-on-month in August, according to government statistics released Friday, and the year-on-year figure of 27.4% was only one point shy of July’s, signalling little relief.

In August, motor fuel cost 8% more than July, whilst water bills in urban areas rose more than 11% and the price of tomatoes was up as much as 82%.

Pakistan’s retailers said they will keep shops shuttered today in protest over the soaring costs which have become a lightning rod for public anger ahead of forthcoming general elections.