ISLAMABAD – Pakistan’s inflation skyrocketed to its highest level in 50years as people of crisis hit country are struggling to get basiccommodities.
Data shared by the Pakistan Bureau of Statistics revealed that inflation inthe country increased to half a century’s highest level as the Sharif-ledgovernment makes desperate moves, raising power and fuel prices amidmassive devaluation of local currency and restriction on imports whichamplified the already grim situation.
With over 31.5% inflation, the South Asian nation becomes the 17th mostexpensive country in the world and is moving towards hyperinflation.
Fuel gas prices have seen the largest increase, the food prices rosemanifold after floods and Russia Ukraine war, adding more woes to the lifeof the common man. The Consumer Price Index (CPI) increased to 31.5% inFebruary against the same period last year, the seventh highest readingsince 1973-74.
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Pakistan Bureau of Statistics released the shocking stats a day before anemergency meeting of the Monetary Policy Committee as officials of thecentral bank will meet today to raise the interest rates, in line ofdemands by the IMF before release of bailout funds.
Pakistan’s inflation rate was likely to remain elevated because of thecurrency devaluation; hike in electricity and gas tariffs; and impositionof more taxes to meet the conditions agreed with the IMF.