Pakistan inflation: Amid the gloomy economy, Pakistan on Saturday registered a record jump in the inflation rate, with the tally reaching nearly 36 per cent.
According to a report by the Pakistani English daily, Dawn, the figure indicates that inflation has soared nearly three times in the past year. Earlier last year, inflation was recorded at 12.72pc.
The data released on April 1 marked the highest Consumer Price Index (CPI) increase on record since July 1965, according to the investment firm Arif Habib Corporation.
Meanwhile, citing the data released by the Pakistan Bureau of Statistics (PBS), prices in urban and rural areas increased 32.97pc and 38.88pc year-on-year, respectively. The short-term rate of inflation measured by the Sensitive Price Indicator (SPI) last week hit a record 46.65pc, while monthly inflation recorded by the CPI reached 31.6pc in February — the highest in six decades, reported the Pakistani media.
According to Cleveland Federal Reserve, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
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It is worth mentioning the scary reports came at a time when the country has been reeling under severe pressure from its citizens. Several media local media reports claimed that people are not even getting basic survival food.
Surprisingly, in the past week, the country has seen two deadly stampedes where scores of people were during free food collection.
Besides, it is also looking forward to a bailout package from the International Monetary Fund (IMF). Despite this gloomy situation, the Shehbaz Sharif government did not announce any special plans to control the situation.
Also Read: Pakistan hikes petrol price by Rs 35; minister calls it 'minimum' increase I Check prices here
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