Friday, June 14, 2024

31.5% Inflation in Pakistan Breaks all Records, Highest in 50 Years

In an alarming development, Pakistan’s inflation — measured by the consumer price index (CPI) — broke all previous records and skyrocketed to 31.5% in February due to a steep rise in prices of food, housing, and transportation groups.

The fresh inflation reading issued by the Pakistan Bureau of Statistics (PBS) on Wednesday has also augmented the prospects of a further rise in interest rates in the upcoming monetary policy committee (MPC) meeting — which the central bank has preponed for March 2.

The inflation rate rushed to 31.5% in February over the year — the highest since the available data i.e. July 1965. Last time, in April 1975, the inflation had been recorded at slightly over 29%.

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