Pakistan close to touching historic inflation rates, crisis worsens

Pakistan recorded an inflation rate of 36.4 in April. The number has climbed this high for the first time in the last fifty-nine years, Image Courtesy: facebook

Pakistan recorded an inflation rate of 36.4 in April. The number has climbed this high for the first time in the last fifty-nine years. The economy of the country presently. Accordingly, the purchasing power of the people is also low. Experts claim that the situation of the country’s economy is a result of the government’s mismanagement. 

The Prime Minister of the country, Shahbaz Sharif administration, has been making several blunders with the country’s economy. The country’s people are facing a severe economic crisis throughout the year. Notably, when the tenure of Tehreek-e-Insaf Pakistan ended in 2022, the country’s inflation rate was 13.4.

The rate of inflation has more than doubled in the previous year. The experts have claimed that the situation is a result of the mismanagement policies of the present administration. 

Consumer Price Index rose to 36.4%. While the figure is accurate, it still does not truly represent the harsh ground realities of the country. The people of the various regions of Pakistan are unable to buy basic necessities like food and clothing. 

In line with this number, Pakistan’s government cannot do much. The Ministry of Finance in the government has shared that the country is not experiencing any economic growth. The ministry has asserted that they have projected the rate of economic growth in the fiscal year at 0.8% 

Several segments of the economy will go into negative growth. These include the agriculture and industrial sectors. Historically, the country faced the highest level of inflation in the 60s. At the time, the number climbed as high as 37.8%. While the country is experiencing a high inflation rate, rural areas have already crossed the historical barrier.

The rural areas currently record inflation of 40.7%. Meanwhile, the cities record inflation of 33.5% A large number of the country’s population lives in the rural areas, which are facing harsher consequences of the economic crisis

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