Pakistan in trouble due to inflation, broke record of 6 years

Aug 02 2019 02:39 PM
Pakistan in trouble due to inflation, broke record of 6 years

Islamabad: Inflation in Pakistan has reached record levels. In the first month of the new financial year, inflation has touched double digits, the highest in the five-year and nine-month period. According to inflation data released by Pakistan's Consumer Price Index (CPI), inflation rate for July this year stood at 10.34 per cent as against 8.9 per cent in the previous month. The inflation rate was 5.84 per cent in the same period last year.

Earlier, inflation had touched double-digit in November 2013. At that time, the inflation rate was 10.9 per cent. Pakistan, which is struggling with the financial crisis, has taken a $6 billion bailout package from the International Monetary Fund (IMF) this year, under which the government has to take all strict measures related to finance management. Inflation in Pakistan has been estimated to rise since the IMF package came under strict conditions.

Inflation in Pakistan has reached record levels amid the rise in prices of petroleum products and electricity gas. Imran Khan's government has also taken some tax-related steps which have led to price rise. In the past few months, the imported raw material used in manufacturing has also become costlier due to the depreciation of the Pakistani rupee.

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